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.

Emma Radmore