In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.

The Office of Financial Sanctions Implementation (OFSI)’s latest General Licence INT/2023/3179120 allows UK-designated parties to pay water companies for services, even enabling return payments to frozen UK bank accounts for overpayments. UN-designated parties are excluded, with specified reporting and record-keeping obligations. Additionally, General Licence INT/2022/2300292, issued in November 2022, enables UK-designated entities to transact with energy companies for oil and gas-related payments.

The Swiss Federal Department of Economic Affairs has issued an updated interpretative aid for Russia sanctions, clarifying rules on iron and steel products and economically significant goods, specifying when their purchase and transport are allowed and proof of origin requirements.

Guernsey’s General Licence GY/RUSSIA/2023/26 allows investment funds with designated interests to perform various actions, including safeguarding non-designated interests, covering service fees, meeting basic fund needs, and addressing routine expenses and legal service fees using frozen funds if necessary.

Russia has temporarily banned petrol and diesel exports to all countries except its Eurasian Economic Union partners like Belarus, Kazakhstan, Armenia, and Kyrgyzstan. The goal is to stabilize domestic fuel prices, addressing rising costs and ensuring a stable energy supply for its citizens. This will impact international fuel markets and regional trade relationships significantly..