Sanctions

Sanctions

This Overview provides a guide to the Banking & Finance content within the Sanctions subtopic, with links to the appropriate materials.

What are sanctions?

The principal purpose of sanctions in most cases is to change the behaviour of the target country’s regimes, individuals or groups. They are also used to apply pressure on a target country to comply with certain objectives, and enforce measures where diplomatic efforts have failed.

There are different sanctions regimes which affect UK businesses. Usually they are grouped into trade and financial sanctions:

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trade sanctions (also known as embargoes) restrict trade and business with certain countries and impose either a prohibition or a licensing requirement on the sale, supply, transfer, export or import of specified items to or from a specified country and include economic travel bans, or financial or diplomatic restrictions, and
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financial sanctions are measures which restrict dealings in money and the provision of financial services and include the prohibition of funds transfers to certain countries, individuals or entities

For further information, see:

•
Sanctions regime—Russia — this Practice Note provides an introduction to the UK sanctions regime against Russia under

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Latest Banking & Finance News

UK sanctions regime review lacks detail on beefing up meager enforcement

MLex: UK government plans to consolidate sanctions lists and speed up enforcement of civil-law breaches will be welcomed as aims, but the new plan fails to grasp the nettle of patchy enforcement. The latest look at the sanctions regime appears largely silent on how to improve matters: The government said it would look to increase the deterrent effect of enforcement, but appeared not to mention any new resources for investigators.

IOSCO publishes final reports on finfluencers, online imitative trading practices, and digital engagement practices

The International Organisation of Securities Commissions (IOSCO) has published three final reports on finfluencers, online imitative trading practices, and digital engagement practices (DEPs) as part of the third wave of its Roadmap for Retail Investor Online Safety. The reports identify a set of good practices for regulators and other stakeholders to consider in managing potential risks in the evolving retail market. They are a key element of a strategic initiative launched in November 2024 to protect retail investors from online fraud, excessive risk-taking and misinformation in the digital financial marketplace.

ICMA publishes position paper opposing uniform NBFI macroprudential framework

The International Capital Market Association (ICMA) has published a position paper, opposing the implementation of a uniform macroprudential framework for non-bank financial intermediaries (NBFIs). The paper argues existing EU regulations for asset managers and funds are sufficient, while recommending improved cross-border regulatory data sharing and market surveillance. ICMA is particularly opposed to imposing mandatory central clearing for bonds and securities financing transactions. Instead, the association advocates for broadening collateral eligibility and removing the barriers that hinder voluntary central clearing access.

BoE investigates Bank of London as EY raises red flags

Law360, London: Bank of London has said it is under investigation by the Bank of England's (BoE) regulatory arm, with the risk that an unfavourable outcome could affect whether it ultimately stays in business.

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