On 28 May 2026, the UK Financial Conduct Authority (“FCA”) published a detailed report outlining steps that financial institutions take to comply with sanctions requirements, including examples of good and poor practice. The report addresses both financial and trade sanctions measures, with financial institutions managing risks arising from their own activities and those of their customers. The report follows the FCA’s engagement with over 150 FCA-supervised firms since February 2022, and builds upon the FCA’s…
As part of the Annual Compliance Conference webinar series, this session explored the evolving global sanctions landscape in relation to Russia, over three years since the first wave of sanctions following the outbreak of war in February 2022. The panel examined the current state of play, recent developments, and what may lie ahead for businesses navigating this complex environment. Sanctions developments:Speakers provided updates on the 17th EU sanctions package (May 2025), including measures targeting the…
The UK yesterday announced a new wave of sanctions targeting Russia’s military, energy, and financial sectors, in response to recent drone attacks on Ukraine . The sanctions aim to disrupt military supply chains, and curb financial institutions aiding in sanction evasion, making it difficult to sustain Russia’s war efforts. Key Measures The sanctions cover 100 new targets, consisting of: Among the individuals targeted are a British national who procured ships for Russia’s shadow fleet, marking…
On 13 June 2024, the Office of Financial Sanctions Implementation (OFSI) expanded its Consolidated List, which provides details of individuals and legal entities designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855). There are 42 new entries added to the Consolidated List which are now subject to an asset freeze and trust services sanctions. Notably, Moscow Exchange, SPB Exchange and National Settlement Depository are amongst some of the new Russian entries. Earlier this week,…