UK Weekly Sanctions Update - Week of October 14, 2024

In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London Global and Government Trade team listed above.

1. Russia Sanctions

• UK Government delists Russian individual under the Russia regime: On October 17, 2024, the UK Government delisted Semyon Mkrtychovich Simonyan under the Russia sanctions regime. Simonyan is no longer subject to an asset freeze. (Notice_Russia_171024__Delisting_.pdf (publishing.service.gov.uk)).
• UK Government adds new entry to the UK sanctions list under the Russia regime: On October 17, 2024, the UK Government added Rusgazdobycha JSC, a Russian gas company, to the UK Sanctions List under the Russia Regime.  Rusgazdobycha JSC is subject to an asset freeze and trust services sanctions.  The UK Government corrected its initial Notice shortly following its publication. (Notice_Russia_171024__Correction_.pdf (publishing.service.gov.uk)).
• UK Government proscribes 22 ships under the Russia regime: On October 17, 2024, the UK Government proscribed 18 oil tankers and four LNG tankers under the Russia regime.  According to a UK Government announcement, this is the largest package to date against Putin’s shadow fleet of oil tankers, and bring the number of oil tankers sanctioned by the UK to 43. (https://www.gov.uk/government/news/uk-strikes-at-the-heart-of-russian-energy-revenues-funding-putins-war; https://search-uk-sanctions-list.service.gov.uk/).

2. Global Human Rights Sanctions

• UK adds seven entries to the UK sanctions list under the Global Human Rights regime: On October 15, 2024, the UK Government added seven entities to the UK sanctions list under the Global Human Rights regime.  According to the UK government, the designated parties include three illegal settler outposts and four groups supporting Israeli settler violence against Palestinian communities in the West Bank. (New UK sanctions target illegal outposts and organisations supporting extremist Israeli settlers in the West Bank - GOV.UK (www.gov.uk); Notice_Global_Human_Rights_151024.pdf (publishing.service.gov.uk)).

3. Iran Sanctions

• UK Government adds nine entries to the UK sanctions list under the Iran regime: On October 14, 2024, the UK Government has added seven Iranian individuals and two entities to the UK sanctions list under the Iran regime.  These additions target several senior figures in Iran's army, air force and organisations linked to Iran's ballistic missile development following Iran's attack on Israel on October 1, 2024. (Notice_Iran_141024.pdf (publishing.service.gov.uk); UK announces sanctions against Iranian military figures and organisations following attack on Israel - GOV.UK (www.gov.uk)).

4. North Korea Sanctions

• Joint statement on the establishment of multilateral sanctions monitoring team: On October 16, 2024, the UK Government, together with the governments of nine other nations (including The Republic of Korea, Japan and the USA) issued a joint statement regarding the establishment of the Multilateral Sanctions Monitoring Team (the "MSMT").  MSMT will monitor violations and evasions of the UN Security Council Resolutions by North Korea.  The launch of the MSMT follows the termination of the Panel of Experts' mandate for the UNSC 1718 Sanctions Committee, who oversaw cases of non-compliance of UN Security Council Resolutions by North Korea at UN-level. (Joint statement on establishing Multilateral Sanctions Monitoring Team (MSMT) - GOV.UK (www.gov.uk)).

5. Other Sanctions

• G7 issues Joint Guidance on preventing Russian export control and sanctions evasion: On October 17, 2024, the G7 issued joint guidance on preventing Russian export control and sanctions evasion.  Among other things, the joint guidance contains: (i) a list of items which pose a heightened risk of being diverted to Russia; (ii) updated red flag indicators of potential export control and sanctions evasion; (iii) best practices for industry to address these red flags; and (iv) screening tools and resources to assist with due diligence. (https://assets.publishing.service.gov.uk/media/6709446c92bb81fcdbe7b732/G7_Updated_Guidance_for_Industry_-_Preventing_Russian_Export_Control_and_Sanctions_Evasion.pdf).
• OFSI issues General Licence for Government Debt Payments: On October 14, 2024, the Office of Financial Sanctions Implementation ("OFSI") issued General Licence INT/2024/5294388 in relation to Government Debt Payments.  The General Licence permits persons to make and facilitate payments in respect of UK Government Debt where either the legal holder or the direct or indirect recipient or beneficiary of that payment is a UK sanctions target or a UK Prohibited Person, subject to certain conditions. (INT-2024-5294388_GL.pdf (publishing.service.gov.uk); INT-2024-5294388_PN.pdf (publishing.service.gov.uk)).