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Economic Sanctions

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New UK Sanctions Package Would Target Russia’s Arms Exports, Front-Line Resources

By Annabel Thomas, Gavin Costelloe, Bethany Histed & Tina Kang on March 13, 2023
Posted in Economic Sanctions, Export Controls, Russia, Sanction, UK

The UK announced a further round of sanctions and trade measures on 24 February 2023 to coincide with the first anniversary of Russia’s invasion of…

Continue Reading New UK Sanctions Package Would Target Russia’s Arms Exports, Front-Line Resources
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OFSI’s Annual Review Highlights Effect of Sanctions on Russia

By Annabel Thomas, Bethany Histed & Gavin Costelloe on November 21, 2022
Posted in Economic Sanctions, Export Controls, Featured, GT Alert, International Trade, Russia, Sanction, UK

On 10 November, the UK’s Office of Financial Sanctions Implementation (OFSI) published its annual review for the period April 2021 to August 2022, with a…

Continue Reading OFSI’s Annual Review Highlights Effect of Sanctions on Russia
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UK and U.S. Announce ‘Enhanced Partnership’ on Economic Sanctions Implementation, Enforcement

By Annabel Thomas, Kara M. Bombach, Gavin Costelloe, Bethany Histed & Tina Kang on October 19, 2022
Posted in Compliance Programs, Corporate, criminal law, Economic Sanctions, Featured, Financial Regulatory and Compliance, Government, GT Alert, International Trade, Litigation, Regulatory, Russia, Sanction

The United Kingdom and United States announced in a joint statement on 17 October a new strategy to cooperate and collaborate further on economic sanctions…

Continue Reading UK and U.S. Announce ‘Enhanced Partnership’ on Economic Sanctions Implementation, Enforcement
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Incoming UK Sanctions on Professional Services

By Annabel Thomas, Bethany Histed, Gavin Costelloe & Tina Kang on October 6, 2022
Posted in Economic Sanctions, Featured, Government, GT Alert, International Law, International Trade, Russia, Sanction, UK

On 30 September the UK announced a series of significant additional sanctions in response to Russia’s illegal annexations in Ukraine following internationally condemned sham referendums.

Continue Reading Incoming UK Sanctions on Professional Services
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Wined and Fined: OFSI Imposes Financial Penalty on UK Company for Publicising Sanctioned Crimean Winery

By Gavin Costelloe on September 29, 2022
Posted in Business Disputes, Civil Fraud, Economic Sanctions, Export Controls, Featured, GT Alert, International Trade, Litigation, Sanction, UK Civil Fraud

Co-authored by London Associate Tina Kang.

The UK Office of Financial Sanctions Implementation (OFSI) announced on 27 September that it imposed a £30,000 penalty on…

Continue Reading Wined and Fined: OFSI Imposes Financial Penalty on UK Company for Publicising Sanctioned Crimean Winery
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UK Law Enforcement Identify Common Sanctions Evasion Tactics and Use of UK-Based ‘Enablers’

By Annabel Thomas, Jo Rickards, Gavin Costelloe & Bethany Histed on July 26, 2022
Posted in Economic Sanctions, Export Controls, Featured, GT Alert, International Trade, National Crime Agency, Russia, Sanction, UK

On 12 July 2022, the UK’s Office of Financial Sanctions Implementation (OFSI) and various other UK government agencies issued a red alert, in conjunction…
Continue Reading UK Law Enforcement Identify Common Sanctions Evasion Tactics and Use of UK-Based ‘Enablers’

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REPO Task Force: The First 100 Days

By Jo Rickards, Annabel Thomas, Bethany Histed, Gavin Costelloe, Kara M. Bombach & Kyle R. Freeny on July 7, 2022
Posted in Compliance Programs, Economic Sanctions, Export Controls, Featured, Government, GT Alert, Russia, Sanction

On June 29, the Russian Elites, Proxies, and Oligarchs (REPO) Task Force published a statement on its work in blocking or freezing sanctioned Russian assets.
Continue Reading REPO Task Force: The First 100 Days

OFSI Fines UK Company for Financial Sanctions Breach

By Jo Rickards, Annabel Thomas, Bethany Histed, Gavin Costelloe & Kara M. Bombach on July 1, 2022
Posted in Economic Sanctions, Featured, GT Alert, International Trade

The UK Office of Financial Sanctions Implementation (OFSI) announced on 28 June that it imposed a £15,000 penalty on UK company Tracerco Limited for breaching…
Continue Reading OFSI Fines UK Company for Financial Sanctions Breach

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New Era in UK Sanctions Enforcement: Introduction of Strict Liability Standard and OFSI Guidance Update

By Jo Rickards, Annabel Thomas, Bethany Histed & Gavin Costelloe on June 24, 2022
Posted in Compliance Programs, Economic Sanctions, Featured, Government, GT Alert

On 15 June 2022, the UK Office of Financial Sanctions Implementation (OFSI) implemented important changes to its enforcement powers and updated its “Monetary Penalty” guidance.
Continue Reading New Era in UK Sanctions Enforcement: Introduction of Strict Liability Standard and OFSI Guidance Update

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‘An unusual case in all sorts of ways’ – English High Court Considers Administration Application for Russian VTB Bank’s London Arm

By John Houghton, Partha S. Pal, Ian Bean & Matthew Finnie ‡ on April 7, 2022
Posted in Economic Sanctions, Export Controls, Featured, GT Alert, Litigation, Restructuring & Bankruptcy, Russia, Sanction

In a hearing yesterday, 6 April 2022, the High Court considered an application of the directors of VTB Capital PLC (VTB UK) for the appointment …
Continue Reading ‘An unusual case in all sorts of ways’ – English High Court Considers Administration Application for Russian VTB Bank’s London Arm

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