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Economic Sanctions

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U.S. targets Iran-linked LPG smuggling and shadow banking network moving hundreds of millions through covert global channels to evade sanctions and fund the regime

June 5, 2026

The U.S. Treasury has sanctioned a network of individuals, companies, and vessels involved in smuggling Iranian LPG—disguised as Omani gas—and funnelling hundreds of millions through shadow shipping and banking channels in the UAE and China to bypass sanctions. The action also targets Iranian exchange houses and brokers accused of moving large volumes of foreign currency…

OFAC sanctions senior commanders of the FDLR and M23 rebel groups for fueling violence and instability in eastern DRC, in a bid to curb atrocities and push the region toward peace

June 2, 2026

OFAC’s press release designates Gustave Kubwayo, an FDLR intelligence and special operations commander, and John Imani Nzenze, M23’s chief of intelligence, under DRC-related sanctions authorities. Treasury links the action to wider U.S. efforts to support peace in eastern DRC, block property connected to sanctioned armed group leaders and deter transactions that sustain conflict, human rights abuses and regional destabilisation…

U.S. sanctions Iran’s largest crypto exchange, Nobitex, and others for allegedly enabling IRGC-linked terrorism financing and sanctions evasion through digital assets

June 2, 2026

OFAC’s press release designates Nobitex, Iran’s largest digital asset exchange, alongside Wallex, Bitpin and Ramzinex, alleging that Nobitex processed more than half of Iranian digital asset inflows in 2025 and facilitated activity linked to the IRGC, sanctions evasion and ransomware actors. The action blocks property and interests in property held by the designated parties under U.S. jurisdiction and signals continued Treasury focus on crypto channels used to move, protect or repatriate regime-linked funds…

U.S. Treasury exposes an Iran procurement network accused of impersonating American businesses to source restricted technology for Tehran’s military

May 29, 2026

OFAC’s press release designates an Iran-based network that allegedly defrauded U.S. IT companies and vendors to procure network security, encryption and other restricted goods for Iran’s Ministry of Defense and Armed Forces Logistics and sanctioned end users. The action, co-ordinated with the U.S. Department of Commerce and the FBI’s Los Angeles Field Office, targets individuals and front companies in Iran, the UAE and Italy, and blocks their…

FCA and OTSI sign an MoU establishing a formal framework for cooperation, intelligence sharing, and coordination on trade sanctions enforcement in the UK

May 28, 2026

The memorandum of understanding establishes arrangements for co-operation and information exchange between the FCA and the Office of Trade Sanctions Implementation, including suspected or actual sanctions breaches, weaknesses in firms’ systems and controls, potential joint investigations and relevant intelligence. It also sets limits around confidentiality, onward disclosure, personal data handling and UK GDPR compliance, while confirming that the MoU is not legally binding and will be reviewed every two years…

FCA’s latest findings warns that despite £37B in frozen assets and stronger sanctions frameworks, firms remain vulnerable to sanctions breaches due to persistent gaps in DD, screening & compliance controls

May 28, 2026

The FCA also highlighted ongoing challenges in detecting and preventing trade sanctions breaches, noting that firms often employ a wider range of controls for trade sanctions than for financial sanctions. Most reported breaches continue to relate to Russia, although reports involving Libya, Iran and North Korea are increasing. To strengthen coordination and intelligence sharing, the FCA has signed a new Memorandum of Understanding with the OTSI complementing its existing agreement with the OFSI…

U.S. Treasury sanctions Iran’s ‘Persian Gulf Strait Authority’, an IRGC-linked entity accused of extorting vessels in the Strait of Hormuz to fund Iran’s military, proxies and nuclear programme

May 27, 2026

OFAC designates the Persian Gulf Strait Authority under counterterrorism sanctions, describing it as an IRGC-linked mechanism to impose illegitimate tolls, demand vessel information and direct commercial traffic through the Strait of Hormuz. Treasury warns that anyone co-operating with the authority may face sanctions exposure, including where payments are made through fiat currency, digital assets, offsets, informal swaps or other in-kind…

UK imposes new sanctions on Russia’s crypto and shadow finance networks, including the Kremlin-linked A7 system and exchanges, to disrupt sanctions evasion and cut war funding to Ukraine

May 26, 2026

The press release announces 18 new designations aimed at Russia’s financial infrastructure, including cryptocurrency exchanges, A7-linked individuals, a Kyrgyz bank suspected of facilitating payments, and Georgian companies operating Russia-focused exchanges. The UK frames the package as part of its wider effort to disrupt sanctions evasion, cut off funding routes for Russia’s war economy and adapt its sanctions response to evolving shadow finance…

FCDO sanctions 18 crypto firms and individuals linked to Russia’s sanctions-evasion networks, including HTX, over allegations they helped move $90B into Russia and facilitated $1.5B in suspect transactions

May 26, 2026

A key target is the A7 network, a group of companies and individuals that reportedly moved $90 billion into Russia’s economy, an amount exceeding half of Russia’s annual military budget. The sanctions also include major crypto exchange HTX, which UK authorities suspect facilitated more than $1.5 billion in transactions linked to Russia through dealings with previously sanctioned entities, including Garantex. The move highlights growing concerns over the use of cryptocurrency networks, stablecoins and alternative payment channels to evade sanctions and finance Russia’s war effort in Ukraine…

Council of the EU expands its Iran sanctions framework to target those undermining freedom of navigation in the Strait of Hormuz, enabling asset freezes, travel bans, and financial restrictions

May 22, 2026

The decision follows heightened concerns over threats to maritime security and commercial shipping routes linked to Iranian actions and regional instability in the Gulf. The expanded framework enables the EU to impose targeted restrictive measures against actors involved in disrupting international navigation, reinforcing broader…

OFAC sanctions 9 Hizballah-aligned officials in Lebanon for obstructing peace efforts and undermining efforts to disarm the Iran-backed group by maintaining its influence across state institutions

May 21, 2026

The measures target members of parliament, security officials, and militia-linked actors alleged to have coordinated with Hizballah and Iran’s Islamic Revolutionary Guard Corps to preserve Hizballah’s armed presence and political influence in Lebanon. Treasury also highlights intelligence-sharing, joint military coordination, and intimidation activities involving allied groups such as the Amal Movement, warning that financial institutions facilitating transactions for designated persons could face sanctions exposure…

US Treasury sanctions key Sinaloa Cartel networks for facilitating fentanyl trafficking and laundering drug proceeds through cryptocurrencies, front companies, and cross-border cash networks

May 20, 2026

The measures target two interconnected networks accused of converting bulk U.S. drug cash into cryptocurrency for transfer to cartel leaders in Mexico, alongside laundering operations involving shell businesses, security firms, restaurants, and money brokers. Treasury also highlights the expanding role of digital assets and cross-border financial facilitators in cartel operations, warning that foreign financial institutions engaging in significant transactions for designated persons may face secondary sanctions exposure…

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