On 14 December 2023, the Office of Financial Sanctions Implementation (OFSI) published its Annual Review for the financial year 2022 to 2023 containing reporting on assets frozen under UK financial sanctions regulations. This blog explains more about the two separate reporting …
On 26 October 2023, the High Court of Justice, Administrative Court, delivered its judgment rejecting a legal challenge by Mikhail Fridman against OFSI’s decision to refuse to grant certain licence requests. OFSI has been at the front and centre of …
October 2023 marked one year since the launch of the OFAC-OFSI Enhanced Partnership, an ongoing commitment from two of the world’s leading financial sanctions implementation authorities to deepen their collaboration. Over the last year, the UK Office of Financial Sanctions …
In response to the illegal invasion of Ukraine, the UK introduced the largest and most severe package of economic sanctions that Russia has ever faced. As a result, the Office of Financial Sanctions Implementation (OFSI) continues to experience unprecedented high …
The trust services sanctions came into effect on 16 December 2022. These are financial sanctions, for which the Office of Financial Sanctions Implementation (OFSI) is responsible, while the Department for Business and Trade is responsible for professional and business services …
OFSI has received unprecedented numbers of licence applications to permit prohibited transactions or activities owing to more sweeping and far-reaching sanctions imposed relating to Russia and Belarus. Many of these applications involve UK persons who are owed money by Russian …
The Legal Services General Licence (INT/2022/2252300) expired on 28 April 2023 and is no longer valid. All reported use of General Licence INT/2022/2252300 should be sent to OFSI by 5 May 2023. OFSI has reviewed the reported use of …
The UK Government remains committed to punishing Russia’s illegal invasion of Ukraine, cutting off funding streams to the Putin regime and stopping those close to the regime from benefitting from western services. As announced last year, the UK government has …
The UK and our allies have introduced some of the broadest and most severe sanctions against Russia that any country has ever faced. In alignment with our coalition partners, we have banned the import of Russian oil and oil products …
The UK and Price Cap Coalition (G7 + Australia) partners have agreed tough and comprehensive sanctions on Russia’s most lucrative export: crude oil and refined oil products. We are collectively banning the import of Russian oil and oil products into …