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Economic Sanctions
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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…
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
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
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
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
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.