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
- UK extends General Licence for Continuation of Business of Evraz Plc's North American Subsidiaries: On July 24, 2024, the UK Government extended General Licence INT/2022/1710676, which authorises certain activities relating to the continuation of business of Evraz Plc's North American Subsidiaries. The general licence now expires at 23:59 on 31 March 2025. (INT.2022.1710676.pdf (publishing.service.gov.uk)).
- OFSI amends General Licence relating to VTB and Sberbank: On July 23, 2024, OFSI amended General Licence INT/2022/1280876, which authorises certain payments relating to inter alia the insolvency proceedings of VTB Capital plc, Sberbank CIB (UK) Ltd and any entity owned or controlled by either of them, subject to certain conditions. The general licence was amended to change a permission describing the Insolvency Proceedings that apply to OWH SE (previously known as VTB Bank (Europe) SE). (INT.2022.1280876_GL.pdf (publishing.service.gov.uk)).
- UK Solicitors Regulation Authority (SRA) reports that two law firms are suspected of breaches of sanctions under the Russia regime: On July 23, 2024, it was reported that the SRA had reported two law firms to OFSI for breaching UK sanctions targeting Russia. An annual report by the SRA's MLRO dated June 5, 2024, stated that the reports made to OFSI involved firms facilitating transactions of more than £300,000. (Annex 1 - MLRO Annual Report YE April 2024 (sra.org.uk); https://www.legalfutures.co.uk/latest-news/sra-reports-two-law-firms-to-treasury-for-breaching-russia-sanctions).
2. OTHER SANCTIONS
- UK adds guidance on director disqualification across several sanctions regimes' guidance: On July 22, 2024, the UK added guidance on director disqualification across its guidance for a number of UK sanctions regimes, including the Syria, Guinea, Cyber, Chemical Weapons and Unauthorised Drilling regimes. (https://www.gov.uk/government/publications/syria-sanctions-guidance/syria-sanctions-guidance; Guinea sanctions: guidance - GOV.UK (www.gov.uk); https://www.gov.uk/government/publications/cyber-sanctions-guidance/cyber-sanctions-guidance; Chemical weapons sanctions: guidance - GOV.UK (www.gov.uk); Unauthorised drilling activities sanctions: guidance - GOV.UK (www.gov.uk).
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.