UK Weekly Sanctions Update - Week of January 1, 2024

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.

1. Russia Sanctions

• OFSI updates General Licence relating to subsidiaries of certain Russian banks: On January 2, 2024, OFSI updated General Licence INT/2022/1280876 to change to name of VTB Bank (Europe) SE to OWH SE within the definition of an “EU subsidiary” under the general licence.  The general licence authorises certain activities involving the UK, Guernsey and EU subsidiaries of certain Russian banks subject to certain notification and record-keeping requirements. (https://www.gov.uk/government/publications/ofsi-general-licence-int20221280876)
• OFSI updates professional and business services Russia sanctions guidance: On December 22, 2023, OFSI updated its guidance on complying with professional and business sanctions under the Russia regime. Among other things, the updated guidance emphasises that the prohibitions are aimed at increasing the “economic pressure on the Russian regime to stop its activities in Ukraine”; and clarifies that the UK’s service sanctions “apply in relation to the activity being undertaken rather than by service sector”. (Complying with professional and business services sanctions related to Russia - GOV.UK (www.gov.uk))