UK Releases Sanctions Guidance on Trust Services Restrictions

The U.K.'s Office of Financial Sanctions Implementation published a blog post with guidance on how to navigate its trust services sanctions (see 2303220021), covering where the sanctions apply, key exceptions, OFSI's enforcement powers and licensing. Under the key exceptions guidance, OFSI said sanctions do not apply for acts "for the purposes of complying with the prohibitions and obligations of an asset freeze," and for trust services "provided in respect of registered pension schemes, where these services are not provided primarily to, or for the benefit of, a designated person" or persons connected with Russia.