The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 28 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") issued General Licence INT/2025/5787748 (the "GL") in respect of Arbitration Costs (as defined in the GL), pursuant to Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 and Regulation 32 of the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019. OFSI has confirmed that, in parallel, the London Court of International Arbitration ("LCIA") Costs General Licence INT/2022/1552576 ("LCIA GL") has been revoked.
- 28 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2024/5334756 (the "GL") to further clarify the scope of "Legal Services" (as defined by the GL), including the meaning of being "owned and controlled" by a designated person ("DP"), pursuant to The Russia (Sanctions) (EU Exit) Regulations 2019 ("Russia Regulations") and the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 ("Belarus Regulations").
- 28 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") extended the expiration date to General Licence INT/2023/2824812 (the "GL") in respect of bond amendments and restructurings for non-Designated Persons, pursuant to Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.
- 27 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") extended the expiry date of General Licence INT/2023/2883496 (the "GL") relating to Lithuania Railways, issued pursuant to Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.
- 27 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2022/1280976 (the "GL") concerning Regulatory Authorities – Prudential Supervision, Financial Stability, Protection of Consumers Or Integrity of The UK Financial System.
- 27 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") updated the UK Financial Sanctions FAQs ("FAQs") to clarify whether a Relevant Institution may face enforcement action for breaching UK asset freeze measures if it creates and temporarily uses a suspense account to freeze funds owned, held, or controlled by a UK designated person.
- 27 Mar 2025 (EU):
The Akin Summary document has now been posted for this action.
The Council of the European Union (the "Council") designated 25 individuals and 7 entities under the Republic of Belarus ("Belarus") sanctions regime, pursuant to Council Implementing Regulation (EU) 2025/631, implementing Article 8a(1) of Regulation (EC) No 765/2006 and Council Implementing Decision (CFSP) 2025/632, implementing Decision 2012/642/CFSP.
- 27 Mar 2025 (UK):
The Akin Summary document has now been posted for this action.
The United Kingdom implemented the Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2025 (the "Amendment Regulations"), which incorporates the "urgent procedure" for designating a person under the 26 UK sanctions regimes, including the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations") and the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (the "Belarus Regulations").
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