On 14 December 2023, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI“) published its Annual Review for the 2022-23 financial year (the “Annual Review“). As expected, the Annual Review predominantly focuses on the UK sanctions imposed against Russia following its invasion of Ukraine in February 2022. However, the publication also provides an overview of the other work OFSI has carried out in respect of other regimes during the 2022-23 financial year. Our key takeaways from the publication are detailed below. Continue reading
The UK’s long-awaited sanctions restricting the provision of legal services to Russia were announced on 29 June. The announcement gives a somewhat misleading impression of the law, and we summarise the new restrictions in this post.
The new measures are introduced by the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2023 (the “Amending Regulations”), which amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia Regulations”). Continue reading
Following its announcement of an 11th package of Russia sanctions in May (which we covered here), the European Union has now adopted the package. Key elements of the 11th sanctions package include fresh targeted sanctions against individuals and entities, an enlargement of restrictions on the sale, export and transit of certain goods and technology, as well as additional measures to prevent sanctions circumvention. We summarise the key elements in this post, along with a round-up of other recent sanctions developments from the UK. Continue reading
In this post, we summarise recent UK and EU developments regarding sanctions.
In this post, we summarise recent developments regarding the UK sanctions imposed on Russia.
One year on from Russia’s invasion of Ukraine, the UK and EU have announced additional sanctions measures against Russia, as summarised in this update. Additional US sanctions have also been announced (as summarised here), and the G7 issued a press release to reaffirm their commitment to strengthening the coordinated sanctions imposed against Russia to date.
The EU has previously announced that it intends to put in place a further package of Russian sanctions by 24 February 2023, to coincide with the one year anniversary of the invasion of Ukraine. In this briefing, we summarise the intended measures within that package and also provide a round-up of some other recent EU and UK developments. Continue reading
On 5 August 2021, the Office of Financial Sanctions Implementation (“OFSI”) announced the imposition of a monetary penalty of £50,000 on TransferGo Limited (“TransferGo”) in respect of a breach of the financial sanctions imposed in respect of the situation in Ukraine. This is the fifth time OFSI has used its power to impose civil penalties for breach of financial sanctions (granted under the Policing and Crime Act 2017 (the “PCA”)). Continue reading
On 31 March 2020, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) announced the imposition of a monetary penalty on Standard Chartered Bank (“SCB”). This represents OFSI’s fourth use of its power to impose a monetary penalty in respect of suspected breaches of UK financial sanctions restrictions.