News & Publications

Sanctions from the EU and UK

On March 15, 2022, the UK government decided to add an additional 350 new listings to the Russian sanctions that were initiated in February, including nine new listings related to cyber sanctions. Several Russian oligarchs will be directly affected by these new sanctions.

The EU also put sanctions into place in response to the Ukrainian invasion, resulting in bans on Russian energy sector investments, luxury goods exports to Moscow, and imports of steel products from Russia. This new set of sanctions will likely take major tolls on major Russian oil companies such as Rosneft, Transneft, and Gazprom Neft; effects will also afflict Gazprom, a Russian gas giant.

The EU has also enacted bans on luxury goods being exported, meaning EU-based companies will no longer be allowed to export products to Russia that are worth more than €300, including precious stones, crystals, caviar, wine, handbags, leather products, shoes, and coats. Any luxury car that is worth more than €50,000 will also be banned from being exported to Russia. The overarching intent of these luxury-specific sanctions is to target the extravagant lives of Russia’s elite, while leaving the majority of the Russian public unscathed.

On March 21, the European Union’s foreign ministers discussed the viability of placing further sanctions onto the Russia’s energy sector, as there has been increased pressure for action due to Russia’s indiscriminate bombardment of Ukraine’s Mariupol port. Such action would not come without controversy, however, as the EU still depends on Russia for 40% of its gas imports. The EU hopes to find an alternative source of energy in order to justify the feasibility of a fuel embargo, however this would likely take a lengthy amount of time. Some EU diplomats believe that a Russian chemical weapon attack on Ukraine, or heightened demolishment of Kiev, would be a trigger for the EU to put the energy embargo in place.

The UK initiated a final round of sanctions on March 24, this time focusing on national Russian banks, including Gazprombank and Alfa Bank. As a result, these banks will be locked out of resources held in Britain, and British firms will no longer be able to do business with them.

Allyn International will continue to monitor these sanctions. If you have any questions about how these sanctions may affect your imports or exports, please contact Allyn at

Contributor: Emmalee Crane

About Allyn International

Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit


This website uses a variety of cookies, which you consent to if you continue to use this site. You can read our Privacy Policy for details about how these cookies are used. Manage Cookies