In contrast to its leadership in relation to economic sanctions against the Russian state, the UK has been much too slow in imposing sanctions on named Russian oligarchs and officials. The problem is not a lack of political will. Ministers have found it very difficult to swiftly impose sanctions on Russian nationals because of the terms of the Sanctions and Anti-Money Laundering Act 2018 and the legal risks to which they give rise. Time then to change the law.
The government is moving to address the problem. The Economic Crime (Transparency and Enforcement) Bill has been brought forward and is set today to have its second reading and to complete all remaining stages in the House of Commons. The government has tabled nine amendments designed to streamline the process of imposing sanctions. The amendments will help, but not enough, and another – more direct and focused – option should be explored.
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