Business Updates – Sanctions, Russian invasion of Ukraine, Covid-19 in China, Benefits of Brexit
21 Mar 2022
Below is a summary of recent items which BFPA has been made aware of which may be helpful to members:
New sanctions on Russia and Belarus
New UK sanctions, announced today (Tuesday 15 March 2022), will deny Russia and Belarus access to Most Favoured Nation tariffs for hundreds of their exports and ban UK exports of high-end luxury goods to both countries. The full press release can be viewed CLICK HERE
UK Export Finance has announced it will no longer issue any new guarantees, loans and insurance for exports to Russia and Belarus, whilst retaining £3.5 billion of financial support for trade to Ukraine. You can view the press release CLICK HERE.
Upcoming webinars: Government officials are hosting several webinars for businesses about the recent changes to UK sanctions relating to Russia.
- UK sanctions against Russia, Thursday 24 March, 14:00 – 15:30 GMT
The webinar will cover; the scope of sanctions, scope and application of trade sanctions; financial sanctions: restrictions and general licenses; the Export Support Service and enforcement of trade sanctions. Further details can be found CLICK HERE, and you can register CLICK HERE.
Firms with questions relating to trading with Ukraine, Russia, and Belarus can submit their enquiries to DIT’s Export Support Service by visiting https://www.gov.uk/ask-export-support-team, or calling the helpline using the number 0300 303 8955.
Summary of situation regarding Russia’s invasion of Ukraine
CLICK HERE to download an expanded summary of the situation regarding Russia’s invasion of Ukraine.
Sanctions / Exporting / Importing
Here are relevant government links for any company trading with Russia:
https://www.gov.uk/government/collections/uk-sanctions-on-russia
https://www.gov.uk/ask-export-support-team (which also has a telephone number)
https://www.gov.uk/guidance/import-controls
DIT updates: https://public.govdelivery.com/accounts/UKECO/subscriber/new
EU sanctions: https://ec.europa.eu/commission/presscorner/detail/en/ip_22_1649
Source: EAMA
China’s new Covid wave
Disruption to supplies from China is likely as the country faces its biggest Covid wave in two years, according to numerous reports. The Financial Times reports that many cities are affected. Dozens of factories have stopped production in Shenzhen, a high tech centre. Jilin is rushing to build four new hospital and quarantine centres with 16,000 beds. Hong Kong was already struggling to cope with Covid and is being blamed for the widespread outbreak, the FT says.
China has strict quarantine rules for those coming into the country, which were already expected to stray in place until 2023 at least.
CLICK HERE for the recent FT summary report
EAMA’s Briefing note on the government paper: Benefits of Brexit – How the UK is taking advantage of leaving the EU
CLICK HERE to download the EAMA response to the Governments recent paper on the benefits of Brexit.