Sanctions and Economic Crime update 11 March

Over the last couple of days:

• OFSI has published a blog on the evolving Russian sanctions, including calling out the intent of the Economic Crime bill to introduce a strict civil liability test, and confirming that it considers crypto-assets to be economic resources for the purposes of the restrictions;
• We have written an article on the impact of the sanctions; and
• the Economic Crime Bill was debated in its second reading in the House of Lords. The Committee stage and all remaining stages are scheduled to take place on 14 March.