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 above.
1. RUSSIA SANCTIONS
- UK and US clamp down on the trade of Russian metals: On April 12, 2024, the London Metal Exchange and Chicago Mercantile Exchange announced that they would no longer trade new aluminium, copper and nickel produced by Russa. This joint action builds on an existing ban on metal imports targeting $40 billion of Russian exports of aluminium, copper and nickel. (https://www.gov.uk/government/news/uk-and-us-to-clamp-down-harder-on-the-trade-of-russian-metals).
- OFSI amends General Licence INT/2024/4576632: On April 10, 2024,OFSI amended General Licence INT/2024/4576632, which authorises certain activities relating to two Turkish shipping companies, "Active Denizcilik" and "Beks Ships", to remove the language prohibiting funds or economic resources from being made available for the benefit of any designated person.(https://assets.publishing.service.gov.uk/media/66162455c4c84d6602346a9f/Active_and_Beks_General_Licence_INT.2024.4576632.pdf).
- OFSI to host oil price cap webinar: At 10.30am BST on April 24, 2024, OFSI will be hosting a webinar on the oil price cap. To attend the session, contact: oilpricecap.OFSI@hmtreasury.gov.uk.
2. OTHER SANCTIONS
- UK Export Control Joint Unit (ECJU) updates export control guidance: On April 10, 2024, the ECJU updated its export control guidance in relation to military goods, software and technology to make clear that any irregularities should be reported to HMRC immediately by way of voluntary disclosure. (https://www.gov.uk/guidance/export-controls-military-goods-software-and-technology#full-publication-update-history).
- UK Gambling Commission fines Bet365 for sanctions compliance failures: On 4 April 2024, the UK Gambling Commission announced that Bet365 had been ordered to pay £582,120 for anti-money laundering and social responsibility failures at its online business. The fines will be paid by Hillside (UK Gaming) ENC and Hillside (UK Sports) ENC and related to a number of identified failures, including a failure to undertake sanctions screening on new customers prior to receiving their first deposits. (https://www.gamblingcommission.gov.uk/news/article/bet365-to-pay-gbp582-120-for-regulatory-failures).
Originally Published 15 April 2024
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