EU and UK sanctions on Russia and Iran

In addition, the UK and EU have recently re-introduced sanctions on Iran following the “snap-back” of the Joint Comprehensive Plan of Action. Businesses engaging in business in Iran will therefore have to re-evaluate their positions.

Key highlights

Major Russian oil companies targeted

The UK has imposed asset freezes and financial restrictions on Rosneft and Lukoil, central players in Russia’s oil industry. These measures extend to subsidiaries and impact global supply chains, requiring businesses in energy, shipping, finance, and logistics to reassess their exposure and compliance strategies.

EU’s 19th sanctions package

The EU’s latest measures focus on restricting Russian energy imports, including a phased ban on Russian LNG. The package also targets entities and vessels involved in the so-called “shadow fleet” and expands restrictions on financial messaging and crypto assets.

Reintroduction of Iran sanctions

Following the snap-back of the Joint Comprehensive Plan of Action, both the UK and EU have reinstated sanctions on Iran. These include asset freezes, arms embargoes, and broad economic and financial restrictions, particularly targeting Iran’s nuclear and energy sectors.

For a detailed analysis and guidance as to how this impacts businesses, download the full article below.