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Cayman Islands Task force on Russia sanctions

The Cayman Islands Govt has established a joint task force to coordinate, identify, and implement policy amendments to implement the Russia Sanctions. The primary purpose of the task force is to provide centralised discussions and decisions around policy…

FCA statement on suspension of nickel trading on LME

The London Metal Exchange (the LME) suspended nickel trading, having concluded a disorderly market had arisen. The suspension occurred amid challenging commodity market conditions following Russia’s invasion of Ukraine…

OFSI issues Russia & Belarus General Licenses

UK blocked a further 33 Russian individuals and 26 Russian entities, as well as 6 Belarusian entities. Notably, the additional designations included oil tycoon Eugene Shvidler reported…

SRA guidance on Financial sanctions and Russia

SRA has updated its guidance for firms on making sure they are adhering to the Government’s sanctions on Russian nationals and organisations in light of the conflict in Ukraine…

SRA launch on ‘thematic review’ of financial sanctions

SRA prepares to launch a ‘thematic review’ of financial sanctions, according the to Law Society. It will produce a report by the autumn with the aim of providing guidance to lawyers who may find themselves exposed in this area in the wake of Russia’s invasion of Ukraine.

 

UK amends Sberbank correspondent banking GL

OFSI published two GL relating to Sberbank – one to allow for a 30-day wind-down period in respect of the correspondent banking and sterling payment provisions and one relating specifically to certain payments for energy products..

UK ministerial statement on Russian Elites, Proxies & Oligarchs Task Force

Home Office issues statement from the inaugural ministerial meeting of the Task Force which “aims to ensure the effective implementation of financial sanctions on Russian elites and oligarchs to further drive collective efforts to tackle Kremlin-linked illicit finance”…

DIT issues General Trade Licence: Russia Sanctions-Vessels

This licence provides regulation on the provision of technical assistance, financial services and funds, and brokering services, related to vessels, in respect of restricted goods and restricted technology where…

OFSI adds 350 entries to the consolidated list

OFSI adds 350 entries to the consolidated list and are now subject to an asset freeze. This sanctions regime is aimed at encouraging Russia to cease actions which destabilise Ukraine, including actions undermining or threatening the territorial integrity, sovereignty…

UK Joint Statement on Sanctions & Cryptoassets

OFSI, FCA and BoE joint statement reiterates that all UK financial services firms, including the cryptoasset sector, are expected to play their part in ensuring that sanctions are complied with. It also sets out steps to reduce…

OFSI starts blogging about Russia sanctions 

The OFSI added a blog post titled “Russia: What has changed and what do I need to do?” The UK alongside allies across the world, swiftly executed the biggest package of sanctions ever imposed against a G20 nation…

OFSI General Licence – Belarus

OFSI issued General Licence INT/2022/1322576 under Regulation 32 of The Belarus (Sanctions) (EU Exit) Regulations 2019 (“The Belarus Regulations”). Under General Licence INT/2022/1322576 a flight data provider may make payment(s) directly or via a relevant institution…