Tuesday, 26 September 2023 – Prokura, a division of Cotswold Fasteners, reaffirms its unwavering commitment to compliance with the latest Russian trade sanctions imposed by both the European Union (EU) and the United Kingdom (UK). These sanctions prohibit the import of specific iron and steel products that incorporate iron or steel inputs originating in Russia and undergo processing in other, ‘third’ countries. EU Directives 2022/428 is also prohibited directly or indirectly importing or purchasing wood, cement, and rubber products from Belarus.
Prokura maintains a steadfast dedication to respecting and adhering to all applicable legal requirements, and this commitment extends to the new sanctions introduced by the EU and the UK.
The EU introduced additional sanctions on various products from Russia and Belarus on March 2, 2022, and March 15, 2022, respectively. Prokura, as a responsible entity, diligently follows these regulations to ensure that its products remain in strict compliance and do not infringe upon these imposed restrictions.
Key regulatory developments that Prokura adheres to include:
- Council Regulation (EU) 2022/428: This regulation, enacted on March 15, 2022, amends Regulation (EU) No 833/2014 concerning restrictive measures in light of Russia’s actions destabilizing Ukraine. It prohibits, directly or indirectly, the import or purchase of iron and steel products originating in or exporting to Russia. Numerous products fall under the purview of this ban.
- Council Regulation (EU) 2022/355: Enacted on March 2, 2022, this regulation amends Council Regulation (EC) No 765/2006 concerning restrictive measures in view of the situation in Belarus. It further prohibits the direct or indirect import or purchase of wood, cement, iron, steel, and rubber products from Belarus.
- Council Regulation (EU) 2022/576: This regulation, decided by Council Regulations (EU) 2022/567 on April 8, 2022, amends Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilizing the situation in Ukraine.
In line with these regulations, Prokura has implemented stringent checks through onsite audits and original documentation verification. The company is committed to ensuring that it does not knowingly source or supply its customers with any products detailed in these sanctions that originate in Russia or Belarus.
Prokura are experts in procurement – sourcing and supplying high quality, essential products. Our ambition is to supporting our customers’ supply chains cost effectively, efficiently and sustainably, therefore in light of these developments, we continue to reassure all approved/preferred suppliers and subcontractors are compliant with these regulatory requirements.