About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Compliance alert: G7+ oil price cap risks
On 17 May 2024, the European Commission issued an alert regarding potential circumvention of price caps on Russian-origin crude oil and petroleum products, specifically Urals and Eastern Siberia Pacific Ocean crudes. This alert highlights the risks of trading Russian oil near the US$60 per barrel cap amid fluctuating global oil prices.
12 Jul 2024
Updates to UK Russia Sanctions Regulations: Key Changes
Recently, the UK Government published significant updates to its sanctions regulations aimed at enhancing the effectiveness of its measures.
27 Jun 2024
UK Government issues guidance on second-hand vessel sales to prevent Russia sanctions evasion
On 21 May 2024, the UK Government released new guidance on the sale and brokering of second-hand vessels, specifically addressing the sale of oil tankers to third countries under the current Russia sanctions regime.
25 Jun 2024
European Commission updates its FAQs on sanctions against Russia and Belarus
The European Commission has updated its Frequently Asked Questions (FAQs) on sanctions against Russia and Belarus.
21 Jun 2024
New BVI General Licence No. 6 2024: Guidelines for legal fees and expenses
On June 4 2024, the Governor of the Virgin Islands issued General Licence No. 6 2024, which authorises the payment of reasonable professional legal fees and expenses. General Licence No. 6 2024, replaces the previous licences No. 3 and No. 5.
20 Jun 2024
Case review: Annulment of Aven and Fridman designations by the CJEU
On 10 April 2024, the General Court of the Court of Justice of the EU annulled the inclusion of Petr Aven and Mikhail Fridman on the EU sanctions list for the period 22 February 2022 to 13 March 2023. In this blog, we look at some of the reasoning that led the Court to annul the designations.
13 Jun 2024
European Council approves unprecedented legal measures to redirect extraordinary revenues from immobilised Russian assets to support Ukraine
On 21 May 2024, the European Council issued a press release stating that it has approved certain legal measures (in the form of decisions) to utilise net profits from unexpected revenues of EU Central Securities Depositories (CSDs) holding Russian sovereign assets. It is intended that such revenues will be used for further military support to Ukraine, as well as its defence industry capacities and reconstruction.
11 Jun 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 31 May 2024)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
31 May 2024
UK updates financial sanctions general guidance
In a move to provide clarity and enhance understanding, the UK Office of Financial Sanctions Implementation has revised its financial sanctions general guidance. Released on 13 May 2024, this update primarily focusses on Section 6, which relates to licensing.
24 May 2024