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ARTICLE · 07 MAY 2024

OFSI Launches New Financial Sanctions FAQs

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On May 1, 2024, the UK's financial sanctions regulator – the Office of Financial Sanctions Implementation ("OFSI") – launched a new Frequently Asked Quesstion service...

United StatesInternational Law
David (Dj) Wolff
David (Dj) Wolff
Sophie Davis
Sophie Davis

On May 1, 2024, the UK's financial sanctions regulator – the Office of Financial Sanctions Implementation ("OFSI") – launched a new Frequently Asked Quesstion service, setting out consolidated responses to frequently asked questions about UK financial sanctions. 

Russia is the key focus, with FAQs dedicated to the UK's asset freezing sanctions, other financial prohibitions, and the Russian Oil Services Ban (which OFSI is responsible for).  There is also a short section on Libya, information on general licenses, a summary of key definitions (e.g., what would constitute "dealing" with the funds or economic resources of a sanctioned person), and details about how UK sanctions apply in British Crown Dependencies and Overseas Territories. 

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