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The UK’s Financial Sanctions Implementation Authority (OFSI) has published clarifications on sanctions relating to Russians living in the UK
DATE: September 23, 2024 | AUTHOR: AT
The British regulator OFSI has issued 20 clarifications regarding the rules for the application of sanctions related to private clients. In particular, the regulator explained:
- If a citizen of the Russian Federation residing in the UK is not under personal sanctions, then such a person has the right to open a bank account in the UK;
- Once a General Licence has expired, it cannot be relied upon to lawfully make a payment that would otherwise be prohibited under sanctions regulations.If there is no General Licence in place or OFSI licence permitting the payment, payment to the account of a designated person will be prohibited;
- Sanctions restrictions apply to the sale of units in collective investment undertakings whose portfolio includes, on or after 1 March 2022, newly issued transferable securities regardless of the percentage they represent of the fund’s assets;
- The sanctions restrictions also apply to transferable securities denominated in virtual currency.
