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Andrew Rose

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On 14 December 2023, the Office of Financial Sanctions Implementation (“OFSI”) published its 2022-2023 annual review (see here). The review summarises OFSI’s activities over the 2022-2023 financial year and looks ahead at trends and OFSI’s priorities for the next year. Russia Sanctions The report has a particular focus on the UK’s expanded Russia sanctions regime, stating that by 31 March 2023, “130 oligarchs and family members” who had a combined net worth of around £145…

On 14 December 2023, the UK Government introduced two regulations (The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023 and The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023) amending The Russia (Sanctions) (EU Exit) Regulations 2019 to impose further restrictions on goods, technology, and sources of funding that the UK Government considers could support Russia’s war against Ukraine. The majority of the amendments came into force on 15 December 2023; however a…

On 20 July 2023, HM Government published its annual report on the UK strategic export controls (the “Annual Report”) for the reporting period January to December 2022, a day after its presentation to Parliament. The Annual Report provides a summary on the UK export controls and licensing regime, and reports on key statistics for the reporting period. Below, we have summarised some key takeaways. Standard Individual Export Licences In 2022, the ECJU processed 17,204 Standard…

In addition to the new EU measures, on Thursday 8th June the UK announced additional sanctions against Belarus, which came into force on Friday 9th June. The press release announcing the restrictions is available here, and the amending legislation is here. The new restrictions are intended to restrict sources of revenue to Belarus, combat sanctions circumvention, and reduce the ability of Belarusian media organisations to spread propaganda in the UK. The key measures include: broader…