UK Issues New Russia-Related Trust Services Sanctions FAQs

The U.K.’s Office of Financial Sanctions Implementation issued new guidance July 16 to clarify how its Russia-related sanctions apply to certain business services, including operating or managing a trust.

In new frequently asked question 35, OFSI said providing professional and business services to people “connected with Russia is prohibited” under its servicing restrictions unless authorized by a license or exception. It added that different services involving the same trust may each require a separate license.

In new FAQ 36, the agency clarified that its trust services sanctions include an exception that allows parties to carry out certain “trust services” involving a sanctioned person “for the purpose of complying with the asset freeze.” This may “include where an activity needs to be undertaken regarding frozen assets, and a designated person or the trustee obtains a licence or utilises an exception applicable to the asset freeze,” OFSI said. “Assets should remain frozen unless there is an applicable exception or OFSI has issued a relevant licence.”