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This guide sets out information on the criminal offences under the UK sanctions regime, how to carry out a risk assessment, the sanctions lists and your reporting obligations.
Jan 5, 2024 · This guidance provides some clarity as to whether and when nonsanctioned Russian entities are caught by UK sanctions legislation, clearly seeking to narrow the scope of the interpretation of ‘control’ given by the Court of Appeal.
2 days ago · The US has used secondary sanctions in several of its sanctions programs, most notably those directed at Russia and Iran. In relevant part, EO 14114 makes it sanctionable for non-US financial institutions to engage in or facilitate “significant transactions” or provide any services involving Russia’s military-industrial base.
- Overview of financial sanctions. 1.1 Why do we have financial sanctions? Financial sanctions are restrictions put in place by the UN or UK to achieve a specific foreign policy or national security objective.
- Who is subject to financial sanctions. OFSI maintains two lists of those subject to financial sanctions. The lists are published to help organisations and individuals comply with financial sanctions.
- What financial sanctions restrict. You are prohibited from carrying out certain activities or behaving in a certain way if financial sanctions apply. You should always refer to the up-to-date version of the legislation imposing the specific financial sanctions which apply in your case to understand exactly what is prohibited.
- Ownership and control. If a person, entity, or ship is designated, their name will be recorded on the Consolidated List. An asset freeze and some financial services restrictions will apply to entities (meaning a body of persons corporate or unincorporated, or any organisation or association, or combination of persons) that are owned or controlled, directly or indirectly, by a designated person.
Oct 17, 2023 · In Boris Mints & Ors v PJSC National Bank Trust & Anor the Court of Appeal has held that UK sanctions regulations do not prevent designated persons from accessing the courts or prohibit the court from entering monetary judgments in their favour.
1. In light of the current COVID-19 pandemic, applications for relief from sanctions may become more frequent as deadlines are missed and court orders are not complied with. In three recent cases, the High Court has considered the applicable principles and provided guidance.
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Oct 11, 2023 · Background. The case involves claims brought by two Russian banks—National Bank Trust (“NBT”) and Bank Okritie—against Boris Mints and others, alleging a conspiracy to enter into uncommercial transactions.
