In light of the ongoing Russian invasion of Ukraine, the UK and EU, in close collaboration with their G7 partners, have continued to exert economic pressure on Russia through an array of sanctions.
In this bulletin, we...more
The UK Financial Conduct Authority (FCA) has assessed the systems and controls relating to sanctions compliance for over 90 firms across a range of sectors and summarised its findings of good and poor practice. Acknowledging...more
9/21/2023
/ Economic Sanctions ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Know Your Customers ,
Military Conflict ,
Office of Financial Sanctions Implementation (OFSI) ,
Reporting Requirements ,
Risk Management ,
Russia ,
Third-Party Service Provider ,
UK ,
Ukraine
Three decisions in recent weeks have demonstrated the breadth of the UK Government’s sanctions-related powers and underline a push by the UK to demonstrate the robustness of its sanctions and a focus on their enforcement....more
9/8/2023
/ Asset Freeze ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Export Controls ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HMRC ,
Russia ,
Trade Relations ,
UK
G7 governments continue to seek ways to increase the effectiveness of their sanctions on Russia by clamping down on sanctions circumvention....more
One of the many legal consequences of Russia’s full-scale invasion of Ukraine in February last year was that businesses were faced with having to analyse the exact remit of sanctions laws and the extent to which they caught...more
Economic sanctions are becoming increasingly complex worldwide. This article provides an overview of the current global sanctions landscape and key issues companies face in ensuring compliance....more
Updated guidance regarding the enforcement of financial sanctions from the UK’s Office of Financial Sanctions Implementation (OFSI) was published on 16 March 2023. The guidance, which sits alongside OFSI’s general guidance on...more
The UK’s Office of Financial Sanctions Implementation (OFSI) published updated guidance regarding the enforcement of financial sanctions on 16 March 2023. The guidance, which sits alongside OFSI’s general guidance on...more
To mark the one-year anniversary of Russia’s full-scale invasion of Ukraine, the EU and the UK, in parallel with other G7 members, released a new round of sanctions against Russia. In this bulletin we provide a high-level...more
The High Court in London has issued a number of judgments in recent weeks that consider the implications of the sanctions that have been imposed on Russia in the last 12 months. In this article, we provide an overview of the...more
At the close of 2022, and with the war in Ukraine entering its tenth month, the EU and the UK adopted further sanctions packages against Russia.
The latest sanctions packages include further asset freezes, an EU...more
With a ninth sanctions package against Russia in the making, the EU’s sustained response to the war in Ukraine has demonstrated that sanctions will remain at the forefront of EU policymaking. The array of sanctions adopted...more
The UK Government has introduced two further packages of sanctions against Russia in quick succession....more
On 6 October 2022, the European Union published its eighth package of sanctions against Russia. This responds to the organisation of ‘referenda’ in the Donetsk, Kherson, Luhansk and Zaporizhzhia regions, the annexation of...more
In the past week, the UK has further tightened its sanctions targeting Russia. The new sanctions include the introduction of new trade-related restrictions on a wide variety of goods (including gold, oil, coal and “G7...more
In the past weeks, the UK and EU regulatory authorities have made a series of announcements in relation to the enforcement of sanctions....more
In the past week, the UK Government has made a series of announcements in relation to the enforcement of financial sanctions in the UK....more
Over the last three months, the EU has imposed unprecedented sanctions against Russia and Belarus in response to the war in Ukraine (see our dedicated collection here). While adopting further sanctions is getting ever more...more
The UK sanctions imposed as a result of Russia’s invasion of Ukraine have undoubtedly put intense pressure on businesses to review existing commercial arrangements and tighten sanctions compliance systems and controls. But...more
In response to events in Ukraine, the EU and the UK have continued to announce further and more extensive sanctions on Russia. In this bulletin, we set out an overview of the three EU sanctions packages announced to date, and...more
In response to the Russian Federation’s formal recognition of two regions in Eastern Ukraine – Donetsk and Luhansk – as independent states, earlier this week the EU and the UK adopted an initial package of new sanctions...more
Financial institutions face a myriad of sanctions compliance issues arising out of the multiplicity of legal, regulatory and reporting regimes that they are subject to. For Financial institutions in the United Kingdom, the...more
On 26 April 2021, the UK Government announced a new sanctions regime specifically targeting corruption. Following the introduction of the Global Anti-Corruption Sanctions Regulations 2021 (the Regulations), the UK Government...more
The Biden administration has issued new sanctions on Russian individuals and entities as well as prohibitions on US financial institutions' transactions with Russia's Central Bank, National Wealth Fund, and Ministry of...more
An ambitious plan to enhance the geopolitical strength of the EU?
On 19 January 2021, the European Commission presented its new strategy to foster the “openness, strength and resilience” of the EU’s economic and financial...more