OFSI has updated its blog to provide further guidance on post-Brexit sanctions.
1) Russia sanctions
- persons subject to Russia/Crimea sanctions are listed in Schedule 2 of the Russia (Sanctions) (EU Exit) Regulations 2019. The entities are subject to sectoral sanctions not asset freezes and therefore do not appear in the Consolidated List of asset freeze targets.
OFSI will continue to publish the Investment Ban Targets in a separate list.
OFSI has also published specific guidance on the Russia sanctions which will come into force post-transition.
2) OFSI Bridging Document
On Friday 18 December, OFSI shared information about the publication of a Bridging Document on 31 December 2020 to reduce administrative burden on screening of the Consolidated List.
OFSI cautions that the Bridging Document is not a substitute for the Consolidated List and persons remain responsible for ensuring their screening is accurate. Using the Bridging Document is voluntary.
More information can be found on OFSI’s website.
3) OFSI transition blog
OFSI also reminds UK persons of their earlier blog guidance which explains:
- what you need to know about post-transition changes
- what OFSI have already implemented, and
- what UK persons need to do now
From 11:00pm on 31 December 2020, there will be changes to the UK’s sanctions framework. After the transition period ends, the UK will no longer apply EU sanctions regulations and all sanctions regimes will be implemented through UK regulations.