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OFSI updates its Russia sanctions regulations

New Sanctions measures – Russia regime

As part of updated regulations in the Russia sanctions regime, there are new restrictions on the provision of financial services for the purpose of foreign exchange reserve and asset management.

The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2022 prohibit a UK individual or entity from providing financial services for the purpose of foreign exchange reserve and asset management to:

  • the Central Bank of the Russian Federation
  • the National Wealth Fund of the Russian Federation
  • the Ministry of Finance of the Russian Federation
  • a person owned or controlled directly or indirectly by any of the persons above; or
  • a person acting on behalf of or at the direction of any of the persons above

From their Russia sanctions page:

The Russia sanctions regime

The Russia (Sanctions) (EU Exit) Regulations 2019 came fully into force on 31 December 2020. They are intended to ensure that certain sanctions relating to Russia continue to operate effectively.

You should review the Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2022, and the Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2022, laid on 1 March 2022.

You should also review the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020, the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 4) Regulations 2020, the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022, the Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 and the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2022 to find out any amendments made to the Regulations.

This sanctions regime is aimed at encouraging Russia to cease actions destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.

Those persons who are designated under this regime are included on the UK sanctions list.

Link:

OFSI Russia sanctions page

Categories: FCDO updates OFSI Updates Russia sanctions Sanctions Regulations UK Updates

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