The sanctions, introduced in the last week in response to the war in Ukraine, include restrictions against individuals, entities, and their subsidiaries, and the introduction of legislation to limit deposits held by Russian nationals in UK bank accounts to £50,000.

It is essential for UK companies to ensure that any individuals and organisations they are dealing with have not become subject to newly imposed sanctions. Any regulated companies which are found to have contravened the sanctions brought in by the government against Russia could face action, including fines, from regulatory organisations such as the Office of Financial Sanctions Implementation (OFSI).