On November 7, 2024, the UK Office of Financial Sanctions Implementation issued a new UK Financial Sanctions FAQ to announce that relevant institutions were granted a two-week extension to file frozen assets reports under the Frozen Assets Review 2024. The submission deadline is now November 25, 2024. According to FAQ 123, the extension was granted to accommodate industry stakeholders affected by Russian Decree 840, which came into force on October 2, 2024. Russian Decree 840 effectively moved equities held at the Russian National Settlement Depositor (“NSD”) to local registrars. FAQ 123 also confirms that frozen asset reports filed by the new deadline must include information as of September 30, 2024.
OFSI also amended several FAQs on November 5, 2024, to include the new legal services general license issued under Regulation 64 of the Russia Regulations and Regulation 32 of the Belarus Regulations. OFSI amended FAQs 49-51, 55, 61-66, 72, 73, 76, and 84 to reflect the provisions in General License INT/2024/5334756 that will be in effect from October 29, 2024 to April 28, 2025.
Guidance – UK Financial Sanctions FAQs | General License INT/2024/5334756