Trust services to Russia are prohibited under the financial sanctions regime.

In the United Kingdom, the Office of Financial Sanctions Implementation runs the system (OFSI). These restrictions have been enacted by the government in order to accomplish a number of important goals related to international relations and homeland security.

The regime, which is supported by various laws, has undergone several revisions in recent years. To help businesses understand their responsibilities, the Solicitors Regulation Authority (SRA) has released guidance.

Now that the regulations have been updated to prohibit giving trust services to anyone with ties to Russia or a designated person, it is illegal to do so (unless in cases where such services were supplied immediately before the regulations went into effect). On December 16, 2022, the EU Exit (Sanctions) (Amendment) (No. 17) Regulations 2022 took effect.

"Strengthening the financial sanctions regime is a crucial component of the government's reaction to conflict in Europe," said SRA Chief Executive Paul Philip. "law firms have to a key role." Not only do AML laws not exempt certain businesses from the sanctions regime, but no business that provides legal services is immune. Since this is a dynamic and intricate subject, we released some preliminary recommendations late last month. Signing up for OFSI alerts will help businesses stay informed, and doing thorough background checks on clients and prospects is essential.

The term "trust services" is defined in the new version as follows:

the setting up of a trust or other comparable organization

the assignment of a physical location for the conduct of trust-related business, including but not limited to a "registered office," "business address," "correspondence address," and "

doing or arranging for another to perform the duties of a trustee in connection with a trust or similar arrangement, where the term "trustee" refers to a person who occupies a position analogous to that of a trustee in a trust.

In accordance with regulation 19(A)2, a person is deemed to have a "connection with Russia" if they meet certain criteria. As a general rule, someone is regarded to have ties to Russia if they have a regular place of residence or are currently physically present in the country. A non-natural person has ties to Russia if it was formed in accordance with Russian law or has its principal place of business or habitual residence in the country.

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