RUSSIA SANCTIONS
- UK Lowers Oil Price Cap on Seaborn Russian Crude Oil, OFSI publishes related FAQs: On July 18, 2025, the UK Government, alongside the EU, announced that it will lower to Oil Price Cap on seaborne Russian crude oil from $60 to $47.50 with effect from 23:01 BST, September 2, 2025. This will apply to all services capture by the Oil Price Camp, including maritime transportation and the provision of brokering services, financial services or funds related to the maritime transport of Russian crude from a place in Russia to a third country, or from one third country to another. At the same time, OFSI published FAQs 154 to 161 to support industry to adapt to the lower price cap and to explain the 45-day wind down period, published updated Oil Price Cap guidance, and updated the Oil Price Cap general licence. (https://www.gov.uk/government/news/uk-tightens-oil-price-cap-in-blow-to-putins-war-machine; https://www.gov.uk/government/publications/uk-financial-sanctions-faqs/uk-financial-sanctions-faqs; https://assets.publishing.service.gov.uk/media/687a6af99b1337e9a7726bcc/OPC_GL_-_INT-2024-4423849_-_18072025__1_.pdf; https://www.gov.uk/government/publications/uk-maritime-services-ban-and-oil-price-cap-industry-guidance/uk-maritime-services-ban-and-oil-price-cap-industry-guidance).
- UK issues General Licence allowing non-designated persons to make certain transfers to a non-designated broker: On July 18, 2025, the UK Government issued General Licence INT/2025/6641960, which inter alia allows non-designated persons who have made investments through designated brokers to transfer their funds to a non-designated broker, subject to certain terms and conditions. The expiry date of the General Licence is 16 July 2026. (Brokerage_GL.pdf; https://assets.publishing.service.gov.uk/media/687a1510312ee8a5f0806b58/Brokerage_GL_-_Publication_Notice.pdf).
- UK Government adds four entries to the UK sanctions list under the Russia sanctions regime: On July 18, 2025, OFSI added three individuals (Artyom Sergeevich Kureyev, Anna Sergeevna Zamaraeva, Victor Aleksandrovich Lukovenko) and one entity (African Initiative) under the Russia sanctions regime. . According to the UK Government, the measures target GRU military intelligence officers who previously targeted Yulia Skripal’s device with malicious malware. (Notice_Russia_DDMMYY.docx; https://www.gov.uk/government/news/uk-sanctions-russian-spies-at-the-heart-of-putins-malicious-regime).
CYBER SANCTIONS
UK Government adds 19 entries to and updates two entries on the UK sanctions list under the Cyber sanctions regime: On July 18, 2025, OFSI added 19 entries (18 individuals and one entity), and varied two entries on the UK sanctions list under the Cyber sanctions regime. According to the UK Government, the measures target military intelligence officers who are responsible for conducting a sustained campaign of malicious cyber activity over many years, including in the UK. (Notice_Cyber_DDMMYY.docx; https://www.gov.uk/government/news/uk-sanctions-russian-spies-at-the-heart-of-putins-malicious-regime).
OTHER SANCTIONS
- OFSI launches online forms for reporting and licences: On July 17, 2025, OFSI launched new online forms for reporting and licences, including in relation to: Financial Sanctions suspected breach reporting, Oil Price Cap suspected breach reporting, Counter-terrorism suspected breach reporting, Licensing applications, Licence reporting, Legal services General Licence reporting, Designated Persons reporting, Frozen assets reporting, Immobilised assets reporting, Reporting a suspected designated person, Reporting use of exceptions in sanctions legislation. OFSI also published a blog post stating that these new online forms are designed to make it easier for market participants to provide the information OFSI needs to respond more quickly and efficiently, and will operate alongside OFSI’s existing processes during a transition period. (https://ofsi.blog.gov.uk/2025/07/17/ofsi-launches-online-forms-for-reporting-and-licences/; Financial sanctions suspected breach reporting form - GOV.UK; Oil Price Cap suspected breach reporting form - GOV.UK; Reporting information to OFSI – what to do - GOV.UK; Read before completing this form - Counter-terrorism suspected breach reporting form – GOV.UK ; https://submit.forms.service.gov.uk/form/6361/licence-reporting-except-legal-services-general-licence-reporting; https://submit.forms.service.gov.uk/form/6365/legal-services-general-licence-reporting; https://submit.forms.service.gov.uk/form/6718/designated-person-reporting-requirement/24359; https://submit.forms.service.gov.uk/form/5945/report-frozen-asset; https://submit.forms.service.gov.uk/form/5974/immobilised-asset-report; https://www.gov.uk/guidance/suspected-breach-of-financial-sanctions-what-to-do#complying-with-an-exception).
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