On 18 June 2018, the Council of the EU extended its sanctions programme in response to Russia’s annexation of Crimea and Sevastopol for one year until 23 June 2019 (see Council Decision (CFSP) 2018/880). These sanctions continue to apply to EU persons and EU based companies. By way of reminder, the measures include prohibitions on: imports of products originating in Crimea or Sevastopol into the EU; investment in Crimea or Sevastopol (No Europeans or EU-based…
As discussed in our previous blog post, the European Commission has begun the process of integrating US sanctions measures against Iran into the Blocking Regulation (Regulation 2271/96) in response to the US President’s withdrawal of his waiver relating to the JCPOA. On 6 June 2018, the Commission announced that it had formally adopted an update of the Blocking Statute, adding to its scope the extraterritorial sanctions to be re-imposed by the US on Iran. The…
The UK Sanctions and Anti-Money Laundering Act has received royal assent on 23 May 2018. The text of the Act can be found here. The Foreign Secretary has also issued a statement on the matter on the following day. Our previous blog post on the Sanctions and Anti-Money Laundering Bill is available here. We will follow up with a more detailed update on the Act in due course.
The UK Office of Financial Sanctions Implementation (OFSI) has published the new Compliance Reporting Form (which can be found here) for individuals and organisations to comply with the UK financial sanctions reporting obligations. The new form has separate sections to be completed depending upon whether you are: reporting a suspected designated person (Part B); providing information on frozen assets (Part C); or providing information on a suspected breach (Part D). It also provides more clarity…