OFSI issues updated FAQs to provide additional guidance on sanctions against Russia

On August 15, 2024, the Office of Financial Sanctions Implementation updated UK Financial Sanctions Frequently Asked Questions (“FAQs”) concerning sanctions against Russia.  Specifically, OFSI provided additional clarity for FAQs 100-119.  In FAQ 100, OFSI confirmed that Russian nationals who are UK residents that are not designated under a sanctions regime are not prohibited from opening or maintaining a UK bank account, while OFSI confirmed, in FAQ 102, that UK operators are prohibited from making payments in accordance with a general license that has expired.  OFSI also addresses a number of other topics in the FAQs, including the scope of the prohibitions in Regulation 16 and Regulation 17; the right to appeal a civil monetary penalty; and the reporting obligations under regulation 70A(5).

OFSI Guidance – UK Financial Sanctions FAQs