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UK Sanctions Update: Key Regulations and Guidelines

The UK has recently updated its guidance on the UK Sanctions List, introducing new specifications under the Russia sanctions regime. This update is a comprehensive overview of the key points related to sanctions imposed by the UK on Russia and Belarus.

New Specifications Under the Russia Sanctions Regime

  • The UK has introduced 11 new specifications under the Russia sanctions regime.
  • These updates are relevant to businesses and individuals in the UK and its overseas territories, specifically those involved with Russia and Belarus.

Guidance Updates from the Foreign Commonwealth and Development Office (FCDO)

The FCDO has updated its guidance in relation to the UK Sanctions List. This includes:

  • The revocation and re-specification of 17 ships under the Russia sanctions regime.
  • Businesses and individuals should ensure they are aware of these updates and comply with the relevant regulations.

Red Alert from HM Treasury’s Office of Financial Sanctions Implementation (OFSI)

HM Treasury’s OFSI has issued a Red Alert on exporting high-risk goods. This alert is intended to raise awareness of the risks associated with exporting certain goods and to ensure compliance with sanctions regulations.

General Licenses Issued by the Governor’s Office in the Virgin Islands

The Governor’s Office in the Virgin Islands has issued various general licenses (Nos. 3-6, and 5) allowing for:

  • The payment of reasonable professional legal fees and expenses under specific regulations.
  • The maintenance of economic resources.

Reporting Requirements and Forms

There are reporting requirements in place for those using these general licenses. Forms are available on request for businesses and individuals to comply with the relevant regulations.

Notice from the Governor’s Office Regarding the Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024 SI 2024 No. 370

A Notice was issued by the Governor’s Office regarding the Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024 SI 2024 No. 370.

These updates and notices are relevant to businesses and individuals in the UK and its overseas territories, specifically those involved with Russia and Belarus, as they relate to sanctions regulations and requirements for compliance.