On 21 March 2025, the UK Office of Financial Sanctions Implementation (āOFSIā) published its 2023-2024 annual review (see here). The report summarises OFSIās activities for the 2023-24 financial year in the context of its aim to āEngage, Enhance, Enforceā. This involves industry engagement to improve understanding of UK sanctions, enhancing stakeholder service through increased hiring and investment, and enforcing compliance using a full range of actions and improved processes. Although OFSIās report indicates that the…
Earlier this year, the EU introduced various new restrictions as part of its sanctions packages targeting Russia (see our blog post on the 14th EU Russia sanctions package) and Belarus (see our blog post of the most recent EU Belarus sanctions package). Among the notable and novel restrictions were: Businesses should therefore review their current practices and consider whether any enhancements are necessary to comply with these measures. Guidance on ābest effortsā obligations The “best…
On 14 November 2024, the UK government introduced a number of changes to its sanctions regulations through the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 (the āAmending Regulationā). See here for the Amending Regulation and here for the blog post from the Office of Financial Sanctions Implementation (“OFSI”) summarising the changes. The Amending Regulation introduces several important changes to existing UK sanctions legislation, primarily in respect of the UK’s financial sanctions framework. The UK…
On 7 November 2024, the UK government designated an additional 56 individuals and entities in its largest financial sanctions package since May 2023 (see the official press release here). The package aims to further restrict the supply of equipment utilised by Russia’s military industrial complex and target Russia’s global activities, particularly in Africa. Newly adopted designations The package consists of 56 new designations through five of the UK’s autonomous sanctions regimes. Targets include: These individuals…