New sanctions imposed by the UK on Russia

The Faculty Office would remind Notaries to review the information available to ensure compliance with these sanctions.

Where there is a failure to adhere to the sanctions, the Office of Financial Sanctions Implementation (OFSI) has the power to levy civil monetary penalties for breaches of financial sanctions. OFSI works with law enforcement for the most egregious cases where criminal prosecution may be considered. Details of their enforcement approach is available on OFSI’s website.

Recommended further reading:

• Office of Financial Sanctions Implementation (OFSI)
• The Department for International Trade’s Economic Control Joint Unit 
• The Financial Conduct Authority – published note
• Prime Minister’s announcement to the House of Commons
• Foreign, Commonwealth & Development Office website