UK updates Russia financial sanctions FAQs #UKFinance

16 August 2024

Jananz_Shutterstock

The UK has added 20 FAQs to its financial sanctions FAQs. The new FAQs (100-119 inclusive) all address financial sanctions against Russia and clarify, among other things:

• Russian nationals that have not been designated and are resident in the UK can open UK bank accounts (FAQ 100);

• once a general licence has expired, it cannot be relied upon to make lawful payment (FAQ 102);

• UK operators of payment systems are prohibited from processing transactions involving sanctioned financial institutions – unless there is an OFSI licence or an exception in the Regulations permitting it (FAQ 107);

• production and distribution of fertiliser is cover by the licensing purpose for food security (FAQ 109); and

• the reporting requirements under regulation 70A(5) (FAQ 119).

Details of further guidance on UK sanctions regimes can be found on the UK Guidance pages of this site.