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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…

Tracker: Latest EU & UK sanctions imposed on Russia

The EU Council announced a further package of EU economic sanctions measures against Russia. The first is a prohibition on the provision of SWIFT services to Russian banks: Bank Otkritie, Promsvyazbank, Novikom…

UK imposes most punishing sanctions on Russia

Foreign Secretary Liz Truss has outlined in full punishing new sanctions that will devastate Russia’s economy and target Putin’s inner circle. Following its illegal invasion of Ukraine the sanctions will ban…

OFSI imposes Monetary Penalty on Clear Junction

According to OFSI penalty report, Clear Junction, a fintech company, transferred funds to accounts held by non-designated persons with the Russian National Commercial Bank (RNCB), an entity subject to an asset freeze…

FCDO OFSI issues guidance for UK Sanctions List

This guidance is for businesses and industry that regularly use the UK Sanctions List and the Office of Financial Sanctions Implementation (OFSI) consolidated list and need to understand the change…

FCDO UK annual sanctions report – a year on from Brexit

The report shows that since leaving the EU, the UK is more agile when deciding how and where to use sanctions which are now more focused on the national interest, while continuing to co-ordinate with our key international partners..