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Economic Sanctions

Over 40 years of articles and reference material

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OFAC sanctions 23 individuals and entities across India, Latin America, and Mexico in a sweeping crackdown on the Sinaloa Cartel’s global drug supply chain fueling fentanyl production

April 23, 2026

The action designates 23 individuals and entities across Asia and Latin America involved in sourcing, brokering, and transporting precursor chemicals used to manufacture fentanyl and methamphetamine. It forms part of a coordinated, whole-of-government effort to disrupt transnational criminal networks, leveraging financial sanctions to dismantle the infrastructure and financial flows underpinning synthetic drug production and trafficking…

EU adopts its 20th sanctions package against Russia, intensifying pressure over the Ukraine war by tightening measures across energy, finance, trade, anti-circumvention, and propaganda channels

April 23, 2026

A major focus is on cutting Russia’s energy revenues, including new listings in its oil sector, expanded targeting of the “shadow fleet” (now 632 vessels), bans on related maritime services, restrictions on tanker sales, and new port sanctions, including for the first time a third-country oil terminal in Indonesia. The package also lays groundwork for a future ban on maritime transport of Russian oil and adds limits on LNG-related services. In the financial sector, the EU expands restrictions to 70 Russian banks, bans transactions with additional third-country…

OTSI announces it will assume responsibility for licensing sanctioned goods and associated ancillary services for exports to sanctioned destinations, effective from 27 April 2026

April 13, 2026

This expands OTSI’s current remit, which covers licensing for sanctioned standalone services. Licensing of goods and ancillary services subject to export controls only, or to both strategic export controls and sanctions, will continue to be managed by the Export Control Joint Unit (ECJU). The application process via the Department for Business and Trade’s SPIRE service remains unchanged. OTSI will process applications for sanctioned goods and ancillary services via SPIRE from 27 April 2026 onwards, while those involving goods subject to both sanctions…

OFAC issues an advisory warning that sanctioned individuals are using ‘sham transactions’, proxies, trusts, and shell companies to conceal ongoing property ownership

April 9, 2026

The advisory highlights key red flags, including non-commercial transfers, opaque ownership structures, involvement of close associates, continued control by sanctioned persons, and transactions timed around designations, and stresses that firms must apply a risk-based approach, enhanced due diligence, and ongoing monitoring to detect evasion. It reinforces that any property in which a sanctioned person retains an interest must remain…

UK DBT updates the AUKUS Open General Export Licence to strengthen compliance and streamline secure defence and dual-use technology sharing between the UK, US, and Australia

April 8, 2026

The notice highlights refinements to licence conditions, scope, and compliance requirements, aimed at ensuring the licence remains aligned with evolving export control policy while maintaining streamlined collaboration under the AUKUS partnership. It also reinforces that exporters must review updated licence terms, maintain robust internal compliance processes, and ensure accurate reporting and record-keeping when using OGELs for eligible transfers.

U.S. Treasury sanctions 16 individuals and entities linked to Hezbollah across 6 countries for laundering over $100M to fund the group, warning that any institutions aiding them risk strict U.S. penalties

March 20, 2026

OFAC is sanctioning a global network of 16 individuals and entities linked to Hezbollah financier Alaa Hassan Hamieh for laundering and diverting over $100 million to finance the group’s terrorist operations, targeting companies in Lebanon, Syria, Poland, Slovenia, Qatar, and Canada that have enabled these schemes; the action underscores U.S. efforts to disrupt financial networks that sustain terrorism and warns that foreign institutions engaging with designated parties may face strict U.S. sanctions…

Council of the EU extends sanctions on 2,600 individuals and entities undermining Ukraine’s territorial integrity, including travel bans and asset freezes now until 15 Sept 2026

March 14, 2026

Two listings were not renewed and five deceased individuals removed. Since Russia’s full-scale invasion in February 2022, the EU has progressively expanded sanctions to weaken Russia’s economy and limit its ability to wage war, while reaffirming unwavering support for Ukraine’s sovereignty and continuing coordinated political, financial, humanitarian, military, and diplomatic assistance. The EU remains committed to maintaining pressure on Russia and pushing for meaningful negotiations toward peace.

OFAC targets 6 six individuals and 2 entities behind North Korean IT worker fraud schemes that defraud U.S. businesses, using the stolen funds to support the DPRK’s weapons of mass destruction 

March 12, 2026

These schemes exploit fraudulent employment arrangements, often hiring workers abroad under false pretenses, and use cryptocurrency and other digital channels to move illicit funds while evading sanctions. The sanctioned individuals and entities operate across multiple countries, demonstrating the DPRK’s global reach in leveraging cyber and financial crime to fund its prohibited military programs. This action underscores the U.S. Treasury’s commitment to disrupting North Korea’s illicit financial networks and enforcing international sanctions….

U.S. Treasury designates four sham charities linked to Hamas, blocking their assets and warning that anyone facilitating their funds risks civil, criminal, and broader sanctions

March 12, 2026

OFAC designates organisations based in Türkiye and Indonesia that form part of a covert global network raising and channeling funds to Hamas’s military wing, including through projects and financial support that directly benefit its operations.Treasury states that these entities exploit the charitable sector to solicit donations under false pretences, with sanctions freezing their assets and prohibiting transactions to disrupt the group’s financing and prevent further misuse of humanitarian channels…

U.S. lawmakers call for a robust DOJ probe into Binance, warning the crypto exchange’s alleged facilitation of transactions linked to Iran and its proxies constitutes a serious sanctions and FC risk

March 12, 2026

In a joint statement, Senators Chris Van Hollen, Elizabeth Warren and Ruben Gallego cite reports that Binance may have enabled billions of dollars in transactions tied to Iran and affiliated terrorist networks, raising concerns about sanctions evasion and national-security risks. They commit to monitoring the Department of Justice’s probe to ensure rigorous enforcement and accountability, highlighting broader concerns that crypto platforms may prioritise growth over compliance and expose the financial system to illicit-finance threats…

UK publishes its Strategic Approach to Sanctions Enforcement, a cross-government framework to drive compliance, clarify penalties, and strengthen sanctions as a national security and foreign policy tool

March 10, 2026

The framework brings together authorities including HM Treasury, the Foreign, Commonwealth & Development Office, HMRC, the National Crime Agency and specialist units such as OFSI to deliver a coordinated, intelligence-led enforcement model targeting sanctions evasion and non-compliance. It emphasises robust and proportionate enforcement through civil and criminal tools, enhanced data-sharing, clearer processes and stronger engagement with industry to improve compliance and ensure sanctions effectively support the UK’s foreign-policy and national-security objectives…

Council of the EU tightens its terrorism sanctions, expanding the EU Terrorist List to target attackers, key operatives, and associates, adding travel bans while keeping existing asset freezes

March 3, 2026

The revised regime adds a travel ban on listed individuals on top of existing asset freezes and prohibitions on providing funds or economic resources. At the same time, the Council completed its periodic review of the list, maintaining all current listings, meaning those already designated remain subject to restrictive measures. The update reflects the EU’s continued commitment to combat terrorism and violent extremism as an ongoing threat to the Union’s security….

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