On 21 March 2025, the UK Office of Financial Sanctions Implementation (“OFSI”) published its 2023-2024 annual review (see here). The report summarises OFSI’s activities for the 2023-24 financial year in the context of its aim to “Engage, Enhance, Enforce”. 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 OFSI’s report indicates that the…
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 (“UK Russia Regulations”), it is prohibited…
On 5 September 2024, the UK amended the scope of its Russia sanctions relating to the provision of certain legal advisory services to non-UK persons, as contained in Regulations 54D and 60DB of The Russia (Sanctions) (EU Exit) Regulations 2019 (“UK Russia Regulations”), via The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2024 (the “Amending Regulation”). The Amending Regulation entered into force on 6 September 2024, in short (i) clarifying the knowledge a person must have…
On 26 December 2023, China’s Ministry of Foreign Affairs announced new sanctions measures under the Anti-Foreign Sanctions Law against the following parties for their involvement in the imposition of US restrictive measures on Chinese entities over their links to alleged human rights abuses in the Xinjiang Uygur Autonomous Region: The sanctioned parties are prohibited from entering China (including mainland and the Hong Kong and Macao Special Administrative regions). In addition, all properties (including movable and…