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UK Govt publishes ‘The Economic Crime Act 2022’

Civil monetary penalties can be applied to persons for breaches of financial sanctions with no requirement for the Treasury to prove that the person had knowledge or reasonable cause to suspect their activity breached sanctions...
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OFSI sanctions against Chelsea football club will not be extended

General Licence INT/2022/1327076 allows for the payments essential to the continuation of the operation of the Club. Under this licence the Club was permitted to: Pay the wages, allowances and pensions of all employees of the Club, including players, coaching, corporate...
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OFSI GL on telecoms and news media services

A Person, other than a Person designated under Regulation 5 of the Russia Regulations, may continue business operations involving the provision of Civilian Telecommunication Services including, but not limited to: Payments to or from the DP under any contracts or other...
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UK issues Russia GLs for charities & media

OFSI has issued General Licence (GL) INT/2022/1834876, “Russia Designated Persons – Charities and Interim Managers and trustees” ( Notice ), which authorises until 30 May 2023 an Interim Manager and/or trustee...
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UK issues licence for sale of Chelsea Football Club

The sale of Chelsea FC to US investor Todd Boehly has been approved by the UK Govt, bringing a close to Russian billionaire Roman Abramovich’s near 20-year ownership of the football club. The approval of the £4.25 billion ($5.3 billion) sale...
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OFSI GL on Russian Travel for UK nationals

Under General Licence INT/2022/1839676  - A United Kingdom Person may purchase tickets from a DP or any Subsidiary for flights or rail journeys originating in, or within, Russia - A United Kingdom Person, Relevant Institution...
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FCA calls for reports of sanctions evasion

FCA wants to hear about sanctions evasion issues where they relate to firms on The Financial Services Register or our other registers, or companies with UK listed securities. The ways to report sanctions evasions to the FCA include...

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UK targets Russian airlines with new sanctions

State-owned Aeroflot, Russia’s largest airline, Ural Airlines and Rossiya Airlines will now be unable to sell their unused, lucrative landing slots at UK airports – preventing Russia from cashing in on an estimated £50 million...
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OFSI GL on Russia sanctions to Amsterdam Bank

OFSI has issued a general licence INT/2022/1678476 which allows a designated person to process payments and perform other tasks connected with ”winding down activities, basic needs and insolvency proceeding associated with the Amsterdam Trade Bank N.V.” or its...
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UK new package of sanctions on Russia and Belarus

UK announced a new package of sanctions on Russia and Belarus targeting £1.7 billion worth of trade in a move designed to further weaken Putin’s war machine, the sanctions include import tariffs and export bans...
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UK on FCDO’s Russia sanctions impact assessment

Deepening trade sanctions on the Russian Federation to limit access to quantum computing and advanced materials goods and technology, prohibit exports of oil refining goods and technology, and certain luxury consumer goods; and prohibit the import of certain steel and iron...
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OFSI on Continuation of Business of Evraz Plc’s

OFSI General licence INT/2022/1710676, which allows for the continuation of business operations of the North American Subsidiaries of Evraz. A Person may continue business operations involving the North American Subsidiaries including, but not limited to...
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