November 5, 2024
UK updates Russia financial sanctions FAQs #UKFinance

UK updates Russia financial sanctions FAQs #UKFinance

CashNews.co

16 August 2024

UK updates Russia financial sanctions FAQsUK updates Russia financial sanctions FAQsJananz_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.

Michael is Senior Partner at Peters & Peters Solicitors LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters & Peters and as a prosecutor…

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