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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 18 December 2023, the EU published its 12th package of sanctions targeting Russia via Regulation (EU) 2023/2878 and Regulation (EU) 2023/2875, amending Regulation (EU) 833/2014 and Regulation (EU) 269/2014, respectively (collectively, “12th EU Russia Sanctions Package”). The amendments to Regulation (EU) 269/2014 (related to Designated Persons (“DPs”)) are effective immediately while the amendments to Regulation (EU) 833/2014 become effective today, 19 December 2023. These amendments have a material impact on all businesses with a…

On 11 August 2023, the UK Department for Business and Trade issued the Legal Advisory Services General Trade Licence (the “General Licence”) which came into force immediately. The General Licence was issued following the amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the “UK Russia Regulations”) earlier in June (the “Amending Regulation”) which introduced certain restrictions to the provision of legal advisory services concerning sanctions against Russia. As summarised in our previous blog on…

On 29 June 2023, the UK introduced further restrictions to The Russia (Sanctions) (EU Exit) Regulations 2019 (“UK Russia Regulations”) through the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2023 (the “Amending Regulation”). The principal change enacted by the Amending Regulation is the introduction of restrictions on the provision of certain legal advisory services, which entered into force on 30 June 2023. The Amending Regulation prohibits the direct or indirect provision of legal advisory…