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Economic Sanctions
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UK Govt’s updated Strategic Approach to Sanctions Enforcement (May 2026) refines the framework by clarifying licensing and reporting responsibilities, particularly under OTSI
The May 2026 update primarily refines Annex 1 of the UK Government’s Strategic Approach to Sanctions Enforcement by reflecting the expanded licensing role of the Office of Trade Sanctions Implementation (OTSI). It clarifies and realigns responsibilities for handling licensing applications and breach reporting, particularly in relation to trade sanctions, and provides more detailed operational guidance on how firms should report suspected breaches and apply for licences, making the overall system more consistent and clearly structured across agencies…
OFAC sanctions 10 individuals and entities across the Middle East, Asia, and Eastern Europe for facilitating Iran’s procurement of weapons and dual-use components for Shahed drones and missiles
The action, coordinated with the U.S. State Department, aims to disrupt Iran’s military supply chains and broader efforts to acquire arms and advanced technology through covert international networks. Treasury emphasised its continued “maximum pressure” strategy, including cracking down on sanctions evasion, shadow banking, cryptocurrency-linked finance, and illicit oil trade, while warning that foreign entities assisting Iran’s defence sector risk secondary sanctions…
US Treasury targets Iraqi oil officials and Iran-backed militia leaders for diverting Iraq’s oil revenues and exploiting the energy sector to fund Tehran-aligned terrorist groups and attacks on U.S.
The measures target networks accused of abusing positions within Iraq’s oil sector to facilitate illicit oil sales and generate funding for Iran-backed militias including Kata’ib Sayyid Al-Shuhada and Asa’ib Ahl Al-Haq. The action also highlights the use of commercial entities and cross-border financial structures to conceal and move proceeds linked to sanctions evasion and regional militant activity…
UK imposes sanctions on 35 individuals and entities linked to Russia’s drone production and the exploitation of vulnerable migrants recruited to support the war in Ukraine
The measures target trafficking networks accused of deceiving migrants from countries including Iraq, Somalia, Syria, and Yemen, sending them either to the frontline as “cannon fodder” or into Russian weapons factories through schemes such as the Alabuga Start drone programme. The sanctions also target suppliers of drone components and military goods from countries including China and Thailand, as part of wider efforts to disrupt Russia’s military supply chains and escalating drone attacks on Ukraine…
OFAC targets 3 Iranian exchange houses and front companies for moving billions in foreign currency through shadow networks funding Iran’s military and sanctions evasion
The measures target exchange houses and intermediaries accused of facilitating foreign currency transactions for sanctioned Iranian banks, the Central Bank of Iran, and the National Iranian Oil Company through layered corporate structures and offshore entities. Treasury also highlights the use of acquired foreign citizenships, opaque ownership arrangements, and jurisdictions with weak AML controls to conceal links to Iran and launder funds through the international financial system…
US sanctions a network including a China-based oil terminal operator for enabling Iran’s illicit oil trade that funnels billions to Tehran via covert shipping networks and “dark fleet” operations
OFAC sanctions former DRC President for backing M23 and its AFC coalition, fueling deadly conflict, mass displacement, and instability in eastern DRC while undermining peace efforts
The measures follow allegations that Kabila provided financial support, encouraged military defections, and sought to influence political developments in coordination with the M23 movement and the Alliance Fleuve Congo coalition. Treasury frames the sanctions as part of broader efforts to support regional peace agreements, counter conflict financing, and improve transparency and stability in the DRC’s political and critical minerals sectors…
US Treasury issues alert on China’s “teapot” refineries enabling Iran’s oil trade, funneling billions to Tehran through covert networks and “shadow fleet” tactics, while exposing FIs to sanctions risks
It further details common evasion techniques such as the use of front companies in Asia and the UAE, intermediary brokers, and “shadow fleet” shipping practices involving ship-to-ship transfers, falsified documentation, and vessel identity manipulation. OFAC urges financial institutions to strengthen risk-based controls, conduct enhanced due diligence, and clearly communicate sanctions compliance requirements, while warning that continued facilitation of Iran-related oil trade may expose foreign financial institutions to secondary sanctions…
OFSI unveils its Strategy for 2026-2029 outlining a risk-based, intelligence-led approach to strengthen UK sanctions through improved compliance, streamlined licensing, and targeted enforcement
The strategy centres on three core outcomes: improving understanding of sanctions-evasion risks through data and intelligence, delivering higher-quality licensing, compliance support and enforcement, and strengthening partnerships across government, industry and international allies. It introduces a new operating model built around four pillars—Promote, Enable, Respond and Change—aimed at clarifying expectations…
OFAC, under its “Economic Fury” campaign, sanctions China’s Hengli refinery, 40+ shipping firms and shadow fleet vessels for enabling billions in illicit Iranian oil exports that fund Tehran’s regime
The action exposes a vast maritime and financial network facilitating billions of dollars in Iranian oil sales, with tankers transporting crude, LPG, and petrochemicals to markets across Asia, particularly China and the UAE. According to Treasury, these actors—including multiple front companies and vessels engaged in ship-to-ship transfers and covert routing—help sustain Iran’s energy revenues and fund its regime activities. The sanctions, imposed under Executive Order 13902, block all U.S.-linked assets and prohibit transactions with…
US Treasury sanctions Cambodian senator Kok An and his network for running a transnational scam operation across Southeast Asia that exploits crypto fraud and human trafficking to target Americans
The designations cover a broader network of individuals and entities involved in online fraud schemes, including operations that use deception to solicit funds and generate significant illicit profits. The action also highlights links to human trafficking and the misuse of political influence to shield criminal activity, reinforcing efforts to counter cyber-enabled fraud, corruption, and related money laundering risks…
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
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…