New sanctions measures – Russia

As part of updated regulations in the Russia sanctions regime, there are new restrictions on the provision of trust services.

The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 prohibit the provision of trust services:

• to or for the benefit of a person connected with Russia unless pursuant to an ongoing arrangement pursuant to which that person provided those services to or for the benefit of the person connected with Russia immediately prior to 16 December 2022
• to or for the benefit of a person designated for the purposes of regulation 18C (trust services)

Amendments have also been made to restrictions on transferable securities and money-market instruments, loan and credit arrangements, and investments in Russia. These amendments have been designed to prohibit new investments in Russia via third countries.

OFSI has updated its Russia guidance to reflect these measures.

OFSI Notice