The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding FAQs 170 and 171 relating to the recently published Legal Services General Licence INT/2025/7323088. FAQ 170 explains the key changes introduced by the licence and their implications for law firms, legal advisers, counsel and providers of expenses. FAQ 171 clarifies that the licence permits fee payments to be made from abroad into UK bank accounts or certain non-UK bank accounts, provided all licence conditions are met. Additionally, FAQs 54 and 76 have been moved to the withdrawn FAQs document.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding FAQs 165–167 on General Licences for water, utility and banking bills and fees.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs by adding FAQ 203 on ‘Asset freeze exception: crediting interest or other earnings on a frozen account’. The FAQ clarifies when interest or other earnings may be credited to a frozen account under the asset freeze exception.

The Office of Financial Sanctions Implementation (OFSI) has updated the FAQs providing short-form guidance and technical information on financial sanctions. 20 questions have been added to the Russia section.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs by adding FAQs 197–202, which explain its Basic Needs Allowance licensing policy. The FAQs set out how OFSI exercises its licensing power under the basic needs licensing ground across all non-counter-terrorism sanctions regimes to allow a designated person limited access to frozen funds to meet essential day-to-day living expenses.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding FAQ 205 on the status of specific licences when a designated person is delisted. The FAQ confirms that UK financial sanctions cease to apply to that person or entity. Specific licences are therefore no longer required if they concern only the delisted person or entity and no other relevant sanctions. Licence holders do not need to seek revocation or contact OFSI, and pending applications that are no longer needed will be closed. If the person or entity is subsequently redesignated, previous licences will not be reactivated and a new licence application will be required.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding three FAQs Q162–164 relating to General Licence INT/2025/6641960. The FAQs clarify that the licence does not apply to assets held in, by, or via the National Settlement Depository (NSD), that OFSI has not changed its policy towards the NSD and that non-designated person clients may generally terminate their relationship with designated brokers without requiring a licence, once their funds are removed.

The Office of Financial Sanctions Implementation (OFSI) has published 13 new FAQs clarifying reporting obligations for relevant firms under UK financial sanctions. The guidance details requirements for art market participants, high-value dealers, insolvency practitioners and letting agents which take effect from 14 May 2025. Clarification is provided on the €10,000 transaction thresholds, the territorial scope for UK persons operating internationally, and the difference between the reporting requirements on relevant firms and annual reporting obligations to OFSI.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK financial sanctions FAQs guidance. The OFSI has added the following FAQs relating to trust services sanctions and general licence INT/2024/4919848: FAQ 92, FAQ 93, FAQ 94, FAQ 95, FAQ 96, FAQ 97 and FAQ 98.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK financial sanctions FAQs guidance. OFSI has added FAQs 177–183, which relate to General Licence INT/2025/5787748 on Arbitration Costs'. FAQ 177 addresses when arbitrators and/or arbitration associations should use the General Licence. FAQ 178 covers the circumstances in which the Arbitration Costs General Licence (GL) applies to non-designated persons (and their representatives). FAQ 179 explains what payments the Arbitration Costs General Licence covers. FAQ 180 considers whether arbitrations conducted outside the UK engage UK sanctions. FAQ 181 addresses whether arbitrators may use surplus payments from one arbitration towards the deposit of another arbitration involving the same designated person (DP). FAQ 182 explains whether payments by designated persons and non-designated persons towards arbitration costs require reporting to OFSI. Finally, FAQ 183 clarifies which General Licence legal advisers representing designated persons in arbitrations should use to comply with sanctions.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK financial sanctions general guidance. Section 6 of the guidance, which covers licensing, has been updated to amend the guidance in line with OFSI’s approach to licensing grounds for UK regimes. This includes an update to definitions for ‘extraordinary expenses’ and ‘extraordinary situations’. The updated definitions are available in section 6.5 of the guidance.

The Office of Financial Sanctions (OFSI)  has revised the combined nomenclature (CN) / harmonized system (HS) commodity code for 'premium to crude' contained in the UK maritime services ban and oil price cap industry guidance. The code has been amended from 2710 19 43 to 2710 19 42, effective from 29 January 2025; and ensures accurate classification of oil products under the UK's sanctions regime on Russian oil.