UK Aligns Russia Sanctions List With Trust Service Restrictions
The U.K. this week added people and entities designated under its Regulation 11 Russia sanctions to the list of parties designated under its Regulation 18C trust services restrictions. "This means that it is now prohibited to provide trust services to or for the benefit of these persons, unless permitted by a licence or there is an applicable exception," OFSI said. The change took effect March 21.
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OFSI amended 1,730 entries under the Russia sanctions list to reflect the new trust services financial sanctions. The U.K. also issued a General License permitting a 90-day wind down period for certain transactions related to trust services.