Sanctions and Export Control | UK Regulatory Outlook November 2022

Russia sanctions regime

The Office of Financial Sanctions Implementation (OFSI) has published its annual review of 2021 to 2022. The report reveals that the UK has frozen Russian assets worth £18.39 billion, designated more than 1,200 individuals and over 120 entitles since the start of the Russian invasion of Ukraine.

Since the previous Regulatory Outlook, further sanctions have been introduced including new entities now subject to an asset freeze. In particular, the introduction of an oil price cap (with an exception which will allow the UK to continue facilitating the transport of Russian oil and product by sea to and between third parties, if sold at or under an agreed price) will be introduced by a general licence which will be published before 5 December 2022.

Further guidance can be found on the OFSI blog, and on the sanctions, ownership and related issues page of our website.