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Economic Sanctions
UK Sanctions
This section includes the UK Sanctions List, published by the UK Government which provides details of those designated under regulations made under the Sanctions Act.
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The UK Sanctions List
UK Sanctions List: change in format
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OFSI issues General Licence INT/2024/4836676 (notice) authorising certain payments to the FCA from a designated person
The Permitted payments include: any payment a person is required to make to the FCA (except for fees for applications for listings or authorisation (or variations of authorisations) from the FCA relating to activities falling within the function of the FCA); payments to the FCA of levies imposed by the scheme manager of the Financial Services Compensation Scheme by virtue of section 213 of the Financial Services and Markets Act 2000; and payment to the FCA which are collected by the FCA on behalf of the FRC…
OFSI announces the funds of non-designated third parties involving designated credit or financial institutions
Any act which would otherwise breach the prohibitions in Regulations 11 to 15, 17 and 17A of the Russia Regulations is exempt from those prohibitions to the extent required to give effect to the permissions in this licence.
OFSI releases General licence INT/2024/4761108 for funds of non-designated third parties involving designated credit or financial institutions (“Personal Remittances”)
OFSI reissued General Licence under Regulation 64 of The Russia (Sanctions) (EU Exit) Regulations 2019 which is subject to certain conditions which allows a person to make use of the retail banking services of a designated Credit or Financial Institution provided that the payments made or received are intended for the personal use of a person…
UK Govt publishes the Sanctions (EU Exit) (Miscellaneous Amendments and Revocations) Regulations 2024 (the “Regulations“), to make amendments to a number of UK sanctions regimes
The updates include: The Regulations introduce “director disqualification sanctions” into a number of UK regimes (Venezuela, Guinea-Bissau, Belarus, Zimbabwe, Chemical Weapons, Syria, Russia, Guinea, Cyber, Bosnia & Herzegovina, Nicaragua, Global Human Rights, Unauthorised drilling activities in the Eastern Mediterranean, Global Anti-Corruption, and Myanmar)…
UK House of Lords and House of Commons debates the efficacy and circumvention of sanctions on Russia
The key points include: 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.
UK Govt publishes guidance to support businesses in their Russia sanctions compliance procedures for the sale and brokering of oil tankers to third countries
The UK government is issuing this guidance for those involved in the sale and brokering of second-hand vessels to third countries. It provides further information and tools to counter current and emerging trends related to Russian sanctions evasion…
UK Govt hosts a senior US government delegation for the second US-UK Strategic sanctions dialogue
The US and UK reaffirmed that sanctions and export controls are essential tools of national security policy. The delegations discussed the uses of targeted, coordinated sanctions and export control measures to deter and disrupt malign activity and to defend international norms…
UK Govt adds three entries to the UK sanctions list under the Global Anti-Corruption regime
The Regulations provide for the imposition of financial sanctions, namely the freezing of funds and economic resources persons who are or have been involved in serious corruption…
OFSI issues new FAQs on UK sanctions and updated enforcement guidance
The FAQs are designed to complement existing guidance, which will continue to take precedence along with the relevant legislation. FAQs will be published on an “as- needed” basis, focusing on areas where new guidance would be beneficial to a substantial audience. These may include significant policy changes, new general licences (“GLs“), enforcement actions or wider implementation problems…
UK authorities invite private sector entities to take the UK Sanctions Perceptions Survey
The FCDO released a UK Sanctions Perceptions Survey to provide the public with an opportunity to anonymously inform the UK Government of how UK sanctions impact their businesses. According to the FCDO, the survey, which should take between 30 and 45 minutes to complete, is intended to help the UK Government gain an understanding of the impact of sanctions on private sector companies and non-government organizations (“NGOs”) and enable the government to identify ways …
UK House of Lords debates Russia sanctions, seizure and secondary sanctions
The UK House of Lords debated the potential review of sanctions against Russian individuals in light of President Putin’s re-election and the continuing war in Ukraine. The House of Lords considered inter alia evidence that most Russian exports exceed the price cap, the potential need for more targeted action and the importance of tackling the circumvention of sanctions…
OFSI publishes blog post on staying compliant with financial sanctions in the maritime sector
The blog provides guidance on how to stay compliant with sanctions in the maritime sector: verify the identity of customers, partners, and third party intermediaries, and consider all layers of ownership and control; implement robust compliance policies, conduct ongoing training and awareness programmes and procedures, and invest in technology and screening tools…