Below is a quick overview of the updates:

• FAQ 121: Found under the General Licensing section, this addresses whether conversions of depositary receipts to local lines qualify as a sale, transfer, or divestment. It confirms that UK Persons involved in these conversions are subject to General Licence INT/2024/4919848, here.
• FAQ 122: Clarifies that internal settlements of Russian securities between two sub-accounts at a non-designated financial institution or central securities depository do not trigger UK sanctions. However, the transaction must not involve a designated person or violate any other UK sanctions regulations.

These updates provide clarity on managing specific financial sanctions, especially regarding Russian securities. For more information OFSI's FAQ page can be found here.