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 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…
In keeping with tradition, we are pleased to invite you to our annual Global Year-End Review of Import/Export & Trade Compliance Developments Conference. The conference will provide valuable insights on the latest developments, challenges and opportunities in the ever-changing landscape of international trade. We are holding this conference in a split-hybrid format, with an in-person event in Santa Clara, CA, on November 12 and virtual panels on November 19-21. Please see details below. In-Person Event Join us for a crucial…
On 12 September, the UK Government announced new powers for the civil enforcement of trade sanctions pursuant to the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024, the “Trade Enforcement Regulations”). From 10 October 2024, the Government will be able to impose penalties of up to GBP 1 million or 50% of the value of breaches of trade sanctions (whichever is greater) in relation to certain breaches of UK trade sanctions. The new powers…