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
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
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
As anticipated, the Economic Crime Bill was passed and became the Economic Crime (Transparency and Enforcement) Act 2022 on 14 March 2022. Overseas entities, their
Continue Reading UK Russian Sanctions and Economic Crime Update – A More Forceful Approach
On Feb. 24, 2022, Prime Minister Boris Johnson announced a comprehensive package of sanctions targeting Russian entities and individuals following President Vladimir Putin’s invasion of
Continue Reading UK Issues Sanctions Against Russia Following President Putin’s Attack on Ukraine
Ursula von der Leyen, the new president of the European Commission, has called for ‘new proposals to ensure Europe is more resilient to extraterritorial sanctions
Continue Reading EU Sanctions: European Commission President Pushes for Greater Resilience, Proper Enforcement
The UK’s Office of Financial Sanctions Implementation (OFSI), the body tasked by the UK Treasury to administer and enforce financial sanctions in the UK, has
Continue Reading OFSI Finds Its Teeth While OFAC Continues to Enforce Against Non-U.S. Corporates