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Russia (Sanctions) (EU Exit) regulations 2019

25/10/2019

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is responsible for improving the understanding, implementation and enforcement of financial sanctions in the UK. We publish a list of individuals and organisations subject to financial sanctions as well as general guidance to help you comply. This is available on OFSI’s gov.uk webpages– see back page of this guidance.

The Russia (Sanctions) (EU Exit) Regulations 2019 (the Regulations) impose financial, trade, transport and immigration sanctions to encourage Russia to cease actions which destabilise Ukraine, including actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The territorial extent of the Regulations is the whole of the UK, and it also applies to conduct by UK persons – both nationals and corporate bodies - outside the UK.

The Regulations enter into force on ‘exit day’ and replace the EU sanctions regime relating to Russia’s actions in the Ukraine.

The names of designated persons are not included in the Regulations, but instead will appear on the administrative list on gov.uk. This enables immediate publication following a decision to make or amend a designation, limiting the opportunity for designated persons to remove assets from the UK.

To read the guide click here