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UK Related Items and Policy

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On 14 December 2023, the Office of Financial Sanctions Implementation (“OFSI”) published its 2022-2023 annual review (see here). The review summarises OFSI’s activities over the 2022-2023 financial year and looks ahead at trends and OFSI’s priorities for the next year. Russia Sanctions The report has a particular focus on the UK’s expanded Russia sanctions regime, stating that by 31 March 2023, “130 oligarchs and family members” who had a combined net worth of around £145…

On Monday 11 December 2023, the UK Government updated its Notice to Importers (see here), published a new General Trade Licence (see here) and updated its guidance (see here) in relation to the UK’s iron and steel sanctions targeting Russia. As noted in our previous blog in April 2023, the UK introduced sanctions imposing a prohibition on the import of iron and steel products where the metal originated in Russia but was processed in a…

On 1 December, it was announced that the UK Office of Financial Sanctions Implementation (“OFSI”) and the UK Financial Conduct Authority (“FCA”) had entered into a memorandum of understanding (“MOU”) on 21 November 2023 which outlines the agencies’ agreement to co-operate and share information relating to suspected or actual sanctions breaches with each other. This MOU replaces a previous MOU that had been in place since April 2019. In summary, under the MOU it has…

The UK Industry and Economic Security Minister, Nusrat Ghani, has today announced the creation of a new government unit to “crack down” on companies evading sanctions; the Office of Trade Sanctions Implementation (OTSI). The OTSI will launch in early 2024 once the new legal requirements are in place and will operate alongside the existing work the government is doing to ensure UK trade sanctions are adhered to. The unit will be responsible for civil enforcement of…