In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London Global and Government Trade team listed above.above.
1. Russia Sanctions
- OFSI amends general licence relating to Oil Price Cap: On February 9, 2024, OFSI added an expiration date of 18 February 2024 to General Licence INT/2022/2469656. This General Licence authorises certain activities relating to the maritime transportation of certain oil and oil products to and between third countries as well as related financial and brokering services subject to certain conditions. (General_Licence_-_Oil_Price_Cap_INT_2022_2469656_-_9_February_2024.pdf (publishing.service.gov.uk)).
- OFSI amends general licence for payments to UK insurance companies: On February 6, 2024, OFSI amended General licence – INT/2022/2009156, which allows UK designated persons (DPs) and persons acting on their behalf to make certain payments to UK insurers, subject to certain conditions. UK insurers are also authorised to receive such payments and to make return payments or refunds in specified circumstances. (General_Licence_INT-2022-2009156.pdf (publishing.service.gov.uk)).