What you need to know about new financial sanctions on Russia

The government has imposed financial sanctions on Russia in response to the situation in Ukraine, so check the Law Society’s guidance on the UK sanctions regime to find out what steps you and your firm must take to comply.

All firms regulated by the Solicitors Regulation Authority (SRA) must have appropriate policies in place to make sure they comply with sanctions legislation.

This includes carrying out regular and appropriate checks of sanctions lists.

The Law Society’s guidance on the UK sanctions regime sets out:
  • the criminal offences under the regime
  • how to carry out a risk assessment
  • obligations to check clients against sanctions lists
  • how to apply for a licence to act for a client on a sanctions list
  • your reporting obligations

Check the guidance and find out how to comply.

The new sanctions are aimed at encouraging Russia to cease actions destabilising, undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.

The Law Society is gravely concerned with the news from Ukraine and are continuing to support their members in the region.

I. Stephanie Boyce, president of the Law Society, said:

“A clear principle of international law is that a state is prohibited from the use or threat of force against another state.

“We hope for a swift end to hostilities and our thoughts are with all those affected.”

 

Resources to help you and your firm comply:

 

Kindly shared by The Law Society of England and Wales

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