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ARTICLE · 07 MAY 2024

OFSI Issues FAQs For UK Financial Sanctions

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On 1 May 2024, the UK's Office of Financial Sanctions Implementation (OFSI) released "UK Financial Sanctions FAQs," described as a new form of "additional guidance"...

United StatesInternational Law
Annabel Thomas
Annabel Thomas
Gavin Costelloe
Gavin Costelloe
Bethany Histed
Bethany Histed

On 1 May 2024, the UK's Office of Financial Sanctions Implementation (OFSI) released "UK Financial Sanctions FAQs," described as a new form of "additional guidance" providing technical support to industry partners and the public. The FAQs (described by OFSI as providing answers to "commonplace questions") are supplementary to, and not a replacement for, OFSI's primary guidance.

The majority of FAQs published so far deal with the implications of the Russia (Sanctions) (EU Exit) Regulations 2019, the Russian oil price cap, and the recently amended Legal Services General Licence (in force as of 29 April 2024), the scope of which specifically concerns the Russia Regulations and the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019.

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