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 “Amending Regulation”). 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…
Baker McKenzie will be hosting a breakfast event on Wednesday, 6 November 2024 in Madrid. The event will focus on: The event will take place in Spanish, from 9.15 – 11am. For more information or to register for the event, please click here. Please note that space is limited and registration is subject to final confirmation, which will be sent via e-mail ahead of the event.
As we wrap up our series about sanctions investigations with this post, our Global Sanctions Investigation Group has blogged about key issues that companies should keep in mind as they tackle global sanctions investigations that are inherently high-risk matters. But do you need to passively wait around for the sanctions enforcement storm to batter your company and its trade compliance team? The simple answer is a resounding no. Companies worried about sanctions compliance and potential…