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…
On 14 October 2024, the EU designated seven individuals and seven entities responsible for the development and transfer of drones, missiles and related technology to Russia, and to armed groups and entities undermining peace and security in the Middle East and the Red Sea region. These include in particular three Iranian airlines, Iran Air, Mahan Air and Saha Airlines. The Regulation imposing the EU designations is available here. The individuals and entities are subject to asset freezes…
On 30 September 2024, the UK Government issued a notice stating that from 31 October 2024, the provision of intra-group services will no longer be a specific licensing ground available in relation to professional and business services provided by UK companies to their Russian subsidiaries. Licence applications submitted before 31 October 2024 will not be affected by the change. Under Regulation 54C of The Russia (Sanctions) (EU Exit) Regulations 2019 (āUK Russia Regulationsā), it is prohibited…