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The U.K. adopted an autonomous financial sanctions regime when it exited the European Union on December 31, 2020. The U.K. and EU have both stated that they intend to coordinate post-Brexit sanctions policy as much as possible; with the U.K. historically having been active in shaping EU sanctions policy, we expect it to continue to take a proactive approach under its own regime. The EU, meanwhile, will likely keep a close eye on U.K. actions while also striving for a more robust, uniform enforcement of sanctions across its member states.
Wall Street firms in Hong Kong including Goldman Sachs and JPMorgan on Monday moved to reduce exposure to Chinese telecom companies named in a U.S. ban on investments in companies Washington considers linked to China's military.
UK: Serica Energy announces OFAC license renewal and corporate update
21 Jan 2021
AIM-listed
Serica Energy has received a renewed License and secondary sanctions assurance from the US Office of Foreign Assets Control ( OFAC ) relating to the
North Sea Rhum field, in which the company has a 50% interest. The License and assurance will allow certain U.S. and U.S.-owned or controlled entities and also non-U.S. entities to continue providing goods, services and support to Rhum beyond 28 February 2021; when the current License was due to expire. This will enable operations and production from the Rhum field to continue unaffected.
The previous OFAC License was valid for a period of 16 months. In this case OFAC has issued the License for a period up to 31 January 2023. The License may be renewed on application by Serica assuming the conditions continue to be met.
Picture: Alex Wong Getty Images NORTH Sea-focused Serica Energy has avoided a potential geopolitical complication amid efforts to boost output from a bumper gas field that is part-owned by Iran as it underlined its appetite for acquisitions. Serica announced that it has been granted an extension to a licence that exempts it from being impacted by sanctions imposed on Iran by former US president Donald Trump. The company bought a 50 per cent interest in the Rhum field off Shetland from BP in 2017. The Iranian oil company owns the other 50%. Serica had to win an exemption from the US authorities to ensure production from the field could continue after Mr Trump imposed fresh sanctions on Iran.