OFSI issues new decision on implementing financial sanctions

The Office of Financial Sanctions Implementation (OFSI) has issued a new decision on implementing sanctions, following the imposition of a fine in relation to a breach of the Ukraine (European Union Financial Sanctions) (No.2) Regulations.

In this statement, OFSI flagged the need for firms to include intangible economic resources and said that ‘intangible economic resources could include certain types of intellectual property’. IPReg has asked OFSI to clarify this statement and to provide a steer on the types of intellectual property it believes are covered by the statement.

For full details and an update when IPReg has received clarification from OFSI, please see the 28 September addition to IPReg’s sanctions guidance here.

Date Published: 30 September 2022