Russia and financial sanctions

Updated notices in relation to Russian sanctions and your AML obligations

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The UK's sanctions regime against Russia aims to encourage Russia to cease actions destabilising Ukraine, including those undermining Ukraine's territorial integrity, sovereignty and independence. These sanctions include:

  • asset freezes on individuals and entities involved in destabilising Ukraine
  • sectoral financial sanctions prohibiting or restricting specific activities
  • restrictions on dealing with transferable securities, money-market instruments and granting loans or credit.

HM Treasury has published three new financial sanctions notices against Russia on 17 October 2024 and published this supporting guidance.

Guidance on who is subject to financial sanctions in the UK has also been updated.

As part of the firm-wide risk assessment and client due diligence procedures, practitioners need to bear in mind the risk from geographical factors, which includes cross-checking for any clients from countries which are subject to sanctions and/or proliferation financing

Further resources

ACCA AML hub

The UK Sanctions List - GOV.UK