Steptoe and Johnson LLP issued the following announcement on Feb. 26.
The Guardian quoted Alexandra Melia in a February 26, 2022 article titled "Frozen out: how the UK's sanctions against Russia will work." Following Russia's invasion of Ukraine, the UK enacted expansive sanctions against Russian individuals and entities – with the goal of limiting their economic participation. The piece describes what these sanctions mean for those on the sanctions list.
With an oligarch's assets frozen (ex. Private jets), Melia explains that "They can't deal with their own asset in the way they otherwise might choose to…They can't gain access to benefits it would otherwise give them."
Those subject to the sanctions may apply for a license with the Office of Financial Sanctions Implementation (OFSI), which would give them permission to perform otherwise restricted actions. While essential spending is permitted by OFSI, Melia states that the licenses are "pretty limited, purposely so, to preserve the effect of the measures."
Original source can be found here.
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