May 6, 2024

OFSI issues UK Financial Sanctions FAQs

On May 1, 2024, the UK Office of Financial Sanctions Implementation published frequently asked questions related to UK financial sanctions.  The guidance provides a general overview on the application of Russia-related sanctions and the Russian oil services ban, and touches on partial asset freezes imposed under the Libya sanctions regime.  One FAQ confirmed that UK entities’ subsidiaries located outside of the UK are expected to comply with UK sanctions.  In addition, OFSI offered guidance on the changes that occurred following the issuance of the new Legal Services General License (INT/2024/4671884) on April 29, 2024, including an explanation of how fees and expenses caps are applied.  The guidance also emphasized that UK barristers outside of England and Wales are now covered by the new Legal Services General License.

Guidance – UK Financial Sanctions FAQs