Law360, London: The UK's sanctions enforcer has revealed that over £37bn in assets were reported as frozen in the 2024–25 financial year, up more than 50% from the year before, in a signal of an increasingly proactive approach to enforcing financial penalties.

The Office of Financial Sanctions Implementation (OFSI) has reported on two new reporting measures that came into force in December 2023 under the Russia (Sanctions) (EU Exit) (Amendment) (No 4) Regulations 2023, SI 2023/1364. The measures were introduced to strengthen transparency of frozen assets in the UK and assist HM Treasury to monitor compliance with, and detecting evasion of, financial sanctions. The 'immobilised assets reporting measure' requires firms to inform OFSI of any funds or economic resources they hold for the Central Bank of Russia, Russian Ministry of Finance or Russian National Wealth Fund. The 'designated persons asset reporting measure' requires designated persons to proactively provide details of their UK assets to OFSI.

The Office of Financial Sanctions Implementation (OFSI) has revoked General Licence INT/2022/1710676. Originally issued on 29 April 2022 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855, the licence had permitted the continuation of business operations for Evraz plc’s North American subsidiaries.

The Office of Financial Sanctions Implementation (OFSI) has published a list of General Licences relating to the payment of regulatory bodies which have been revoked.  These general licences include INT/2024/4836676; INT/2023/3626884, INT/2023/3781228 and INT/2024/4881897.

The Office of Financial Sanctions Implementation (OFSI) has published a blog outlining its plans to improve its guidance on the implementation of financial sanctions and the ways in which these updates will increase its ability to support its user base. The upcoming changes include a move from the PDF guidance to a new Sanctions Digital Guidance format in order to improve navigation, responsiveness, accessibility and compatibility with mobile and tablet devices. OFSI plans to implement these changes throughout 2024.

Law360: Britain's sanctions enforcer will bring the first penalty for breaching the banning rules later this year as the agency looks to crack down on Russian oligarchs whose assets have been frozen since the invasion of Ukraine, a senior Treasury official said on 2 September 2024.

The Office of Financial Sanctions Implementation (OFSI) has updated it's Enforcement and Monetary Penalties guidance. The updated guidance reflects the change in OFSI's policy on how its guidance applies to cases and makes the enforcement process easier and clearer. The updates are mainly in relation to chapter 3 which deals with case assessment. The updated guidance explains how 'case factors' are applied and split when suspected financial sanctions breaches are assessed. Two new distinct 'case factors' have been introduced, 'knowledge, intention and reasonable cause to suspect' and 'cooperation'. OFSI reported that chapter 6 includes an amendment to the delegation of ministerial reviews of monetary penalties.

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2002/2300292, which relates to payment to energy companies for gas and/or electricity. The Licence has been updated to permit payments for gas and electricity supplies that are powered from an external source such as through a district heating network and to permit payments for the installation of meters related to district heating networks. The definition of 'UK DPs' has also been updated so that it includes individuals or entities who are owned or controlled by a designated individual or entity.

The Office of Financial Sanctions Implementation (OFSI) has published an amended General Licence INT/2022/1280876, which now permits a scheme of arrangement prepared by the Joint Administrators of VTB Capital plc.

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2022/1839676 on Russian travel to extend the expiration date to 23 May 2026.

The Office of Financial Sanctions (OFSI) has updated General Licence (GN) INT/2023/3179120 on payment to water companies for water and sewage OFSI has updated the definitions of UK Designated Persons and Return Payments. OFSI has also made the validity of the GN indefinite.

The Office of Financial Sanctions Implementation (OFSI) has updated sanctions-related guidance and licensing materials following the announcement of a reduction in the crude oil price cap to $44.10 per barrel, which will take effect on 31 January 2026. The updates include amendments to General Licence INT/2024/4423849 to reflect the revised price cap, as well as updates to FAQs 154–158 and 161 in the UK Financial Sanctions FAQs to align with the new cap. The UK Maritime Services Ban and Oil Price Cap industry guidance has also been updated to reflect the revised price cap.