The UK’s Financial Sanctions Implementation Authority (OFSI) has published clarifications on sanctions relating to Russians living in the UK
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.
