Cyber financial sanctions: list of asset-freeze targets

The Cyber (Sanctions) (EU Exit) Regulations 2020 ensure sanctions aimed at furthering the prevention of certain cyber activity are implemented effectively after the UK leaves the EU.

Context

The Cyber (Sanctions) (EU Exit) Regulations 2020 put in place sanctions measures aimed at furthering the prevention of cyber activity which:

• undermines, or is intended to undermine, the integrity, prosperity or security of the UK or a country other than the UK
• directly or indirectly causes, or is intended to cause, economic loss to, or prejudice to the commercial interests of, those affected by the activity
• undermines, or is intended to undermine, the independence or effective functioning of an international organisation, or a non-governmental organisation or forum whose mandate or purposes relate to the governance of international sport or the internet
• otherwise affects a significant number of persons in an indiscriminate manner

Ransomware and Sanctions

• making or facilitating a ransomware payment risks exposing those involved to civil or criminal penalties where such payments are made to individuals or entities subject to financial sanctions, known as designated persons.
• OFSI, in partnership with other HM Government (HMG) organisations, has published guidance on sanctions and ransomware, which includes information on the impact of ransomware payments, cyber resilience, and HMG’s approach to enforcement. For more information, please see the guidance on ransomware and sanctions.

UK regulations

• The Cyber (Sanctions) (EU Exit) Regulations 2020
• The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 4) Regulations 2020
• The Cyber-Attacks (Asset-Freezing) Regulations 2019

EU Regulations (applicable prior to 11:00pm, 31 December 2020)

Council Regulation (EU) 2019/796

Find out more about UK cyber sanctions