Following the Council of the European Union’s agreement through Council Regulation (EU) 208/2014 on 6 March 2014 to impose financial sanctions, including asset freezes, against certain Ukrainian persons, entities and bodies in view of the situation in Ukraine, the UK Treasury has published its financial sanctions notice (the Notice).
The current list of the 18 designated persons is available here which includes former President Yanokuvych and his sons and other former officials.
The Notice explains that UK persons and entities must:
- check whether they hold any accounts, funds or economic resources for the designated persons;
- freeze such accounts, funds or economic resources;
- refrain from dealing with such accounts, funds or economic resources, or making them available to such persons - unless licensed by the Treasury;
- report any findings to the Treasury, together with any additional information that would facilitate compliance with the Regulation;
- provide any information concerning the frozen assets of such persons that the Treasury may request. Information reported to the Treasury may be passed on, for example to other regulatory authorities or law enforcement agencies.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence. Unless licensed by the Treasury a designated person can neither access those funds (ie spend them or pay them away) nor can they be paid or given funds or economic resources.