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UK Imposes New Sanctions on Russia and Belarus

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The UK has introduced new measures targeting Russian and Belarusian individuals and entities as part of its efforts to strengthen its sanctions regime.

Russia Sanctions Regime

The Office of Financial Sanctions Implementation (OFSI) published a notice outlining new restrictions on financial services for foreign exchange reserve and asset management purposes. The OFSI updated its Russia Guidance in March, covering key issues such as:

  • Designated individuals and entities
  • Restricted activities
  • Reporting requirements

In December 2023, HM Treasury issued a Red Alert on Exporting High-Risk Goods, warning exporters of high-risk goods to exercise caution when dealing with Russia.

Belarus Sanctions Regime

The UK has also strengthened its sanctions regime against Belarus. The latest updates include new designations and amendments to existing regulations.

Virgin Islands General Licences

The Governor’s Office in the Virgin Islands has issued several general licences related to Russia and Belarus sanctions, allowing for specific activities such as:

  • Payment of reasonable professional legal fees and expenses

Those using these general licences must report their activities in writing to the Governor’s Office. Reporting forms are available on the official website.

Key Dates

  • March 2024: The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024 came into force in the Virgin Islands.
  • June 2024: General Licence [No. 6] 2024 was issued by the Governor’s Office, allowing for payment of reasonable professional legal fees and expenses.

Contact

For more information or to report your activities under the general licences, please email email@protected.

It is essential for individuals and entities operating in these territories to stay informed about the latest developments and comply with reporting requirements. The UK’s sanctions regime continues to evolve, with new designations and regulations aimed at countering Russian and Belarusian aggression.