On 14 December 2023, the Office of Financial Sanctions Implementation (āOFSIā) 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 Ā£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 (āDPsā)) 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 August 23, 2023, the US Treasury Departmentās Office of Foreign Assets Control (“OFAC”) issued the first Determination Pursuant to Section 1(a)(i) of Executive Order (“EO”) 14014 (the “Determination”), which extends the application of section 1(a)(i) of EO 14014 to the jet fuel sector of the Burmese economy. On the same day, OFAC also published two related Frequently Asked Questions (“FAQs”): FAQ 1132 and FAQ 1133. Our blog post on the issuance of EO 14014…
On 11 August 2023, the UK Department for Business and Trade issued the Legal Advisory Services General Trade Licence (the āGeneral Licenceā) which came into force immediately. The General Licence was issued following the amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the āUK Russia Regulationsā) earlier in June (the āAmending Regulationā) which introduced certain restrictions to the provision of legal advisory services concerning sanctions against Russia. As summarised in our previous blog on…