UK Weekly Sanctions Update - Week of July 1, 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.

Russia Sanctions

• UK issues General Licence relating to transactions in financial instruments held at the National Settlement Depository (NSD): On July 3, 2024, the UK issued General Licence INT/2024/4919848, which authorises any activity reasonably necessary to sell, divest or transaction certain financial instruments held at the NSD and the payment of safe keeping fees, subject to certain conditions. The General Licence expires on August 13, 2024.  (INT.2024.4919848_GL.pdf (publishing.service.gov.uk)).

Other Sanctions

• UK issues General Licence relating to visa application services: On July 3, 2024, the UK issued General Licence INT/2024/4907888, which authorises inter alia payments from, or on behalf of, a designated person to visa application services providers, subject to certain conditions. The General Licence is granted under all UK autonomous sanctions regimes listed therein, and is of indefinite duration. (Visa_Service_-_General_Licence.pdf (publishing.service.gov.uk)).

• UK issues General Licence relating to payments to revenue authorities:  On July 1, 2024, the UK issued General Licence INT/2024/4881897, which authorises inter alia designated persons, and persons acting on their behalf, to make payments owed by or due from designated persons to UK revenue authorities (including HMRC).  The General Licence is granted under all UK autonomous sanctions regimes listed therein, and is of indefinite duration.  (Microsoft Word - Payments to Revenue Authorities GL INT.2024.4881897 (publishing.service.gov.uk)).