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ARTICLE · 15 MAY 2024

OFSI Publishes FAQS On UK Financial Sanctions

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On 1 May 2024, the UK Office of Financial Sanctions Implementation (OFSI) published a new set of Frequently Asked Questions.

United KingdomFinance and Banking
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On 1 May 2024, the UK Office of Financial Sanctions Implementation (OFSI) published a new set of Frequently Asked Questions (FAQs). The FAQs provide short-form guidance and technical information on financial sanctions, including:

  1. the Russian oil services ban;
  2. the scope of General Licence INT/2024/4671884, permitting a UK law firm or UK counsel who has provided legal advice to a person designated under either the Russia or Belarus regime to receive payment from that designated person without an OFSI specific licence, provided that the terms of the General Licence INT/2024/4671884 are met; and
  3. information on what constitutes "a letter of credit", "dealing with funds", "dealing with economic resources" and "making available funds or economic resources".

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