UK Parliament discusses efficacy & circumvention of Russia sanctions

The UK House of Lords and House of Commons recently debated the efficacy and circumvention of sanctions on Russia.  Key points:

• the UK Foreign Secretary Lord Cameron will raise the issue of the “shadow fleet” and circumvention of the oil price cap at the European Political Community meeting in July 2024;

• the G7’s “lead idea” re seizure of Russian assets is transferring the windfall interest on Russian state assets to Ukraine, but the UK will not rule out looking at using the underlying assets themselves in the future; and

• the first OFSI financial penalties are expected this year.