On 12 September 2024, His Majesty’s Government (HMG) published the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (Regulations), introducing new civil enforcement powers
Continue Reading UK Announces New OTSI Civil Enforcement Powers on Trade Sanctions
The UK’s Office of Financial Sanctions Implementation (OFSI) has issued guidance on when payments can be made to personal staff of designated persons (DPs).[1]
Continue Reading OFSI Issues Licensing Guidance for Payments to Personal Staff of Designated Persons
On 11 December 2023, His Majesty’s Government (HMG) announced that it will create a new unit – the Office of Trade Sanctions Implementation (OTSI) within
Continue Reading UK Announces New Office of Trade Sanctions Implementation
In a judgment handed down on 6 October, a UK Court of Appeal (the Court) provided an obiter, or non-binding, ruling expanding the scope
Continue Reading UK Court of Appeal Expands Scope of ‘Control’ Under Russia Sanctions Regulations: ‘Mr Putin could be deemed to control everything in Russia’
On 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the
Continue Reading No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions Regulations
HM Treasury announced 26 July that the UK’s Office of Financial Sanctions Implementation (OFSI) has amended Section 6.12, Refusal of a licence, of its UK
Continue Reading OFSI Updates Guidance on Refusing Licences
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
From 19 July 2022, it is a violation of UK financial sanctions for any person who knows or has reasonable cause to suspect that
Continue Reading UK Prohibits Certain Investment in Russia
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
On 9 May, the UK government announced it was targeting Russia and Belarus with a 35% increase in import tariffs to be imposed on precious
Continue Reading UPDATE: UK Announces Expansion of Trade Sanctions Against Russia and Belarus