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Economic Sanctions

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NCA and OFSI issue ‘Red Alert’ aimed at UK financial institutions and the regulated sector

The NCA and OFSI have issued an alert to inform the UK financial sector about common methods suspected to be used by Russia to bypass the sanctions imposed by the UK on Russia in the aftermath of the invasion of Ukraine in early 2022…

OFSI publishes its Annual Review covering 2022 to 2023

Details 35 regimes and 3883 designations, including broad and severe sanctions imposed against Russia.

Five US Federal Agencies issue Joint Advisory on safe business practices and compliant transfer of goods

The guidance highlights common tactics deployed by malign actors in the maritime and other transportation industries as well as recent enforcement actions taken in response to alleged violations. The aim is to inform the private sector about enforcement trends…

NCA issues ‘Red Alert’ on the export of high risk goods

The purpose of this Alert is to provide information to UK businesses on common techniques suspected to be in use to evade sanctions on the export of high-risk goods, which Russia is using on the battlefield in Ukraine

EU Council and EU Parliament reach political agreement to criminalise violation of EU sanctions

Negotiations were concluded for an EU law which introduces criminal offences and penalties for the violation of EU sanctions. This directive ensures that those who violate or circumvent EU sanctions will be prosecuted. This gains particular importance in the context of the Russian…

US Treasury announces settlement with CoinList Markets LLC

CoinList agreed to settle its potential civil liability arising from processing 989 transactions on behalf of users ordinarily resident in Crimea between April 2020 and May 2022, in apparent violation of OFAC’s Russia/Ukraine sanctions.

EU Commission welcomes political agreement on new rules criminalising the violation of EU sanctions

The new rules will harmonise the relevant criminal offences related to violation of sanctions and penalties for those offences across the EU and make it easier to investigate and prosecute such violations in all Member States in the same way.

US Treasury reaches settlement with Nasdaq, Inc. for sanctions violations

Nasdaq agreed to remit $4,040,923 to settle its potential civil liability for a former wholly owned foreign subsidiary’s apparent violations of sanctions on Iran.

US Treasury sanctions additional maritime companies, vessels transporting oil sold above the coalition price cap

OFAC imposes sanctions on three entities and designates three vessels, used by them for carrying Russian crude oil above the agreed price cap, aiming to restrict Russia’s oil profits and stabilize global energy markets. Enforcement of the price cap on Russian oil is a top priority…

EU introduces humanitarian exceptions to asset freeze measures in 10 EU restrictive measures regimes

This allows certified humanitarian actors to engage in transactions for delivering assistance without prior authorisation. This decision underscores the EU’s commitment to avoiding unintended negative consequences of sanctions on humanitarian efforts…

US Treasury sanctions mixer used by the DPRK to launder stolen virtual currency

Sanctions applied to Sinbad.io (Sinbad), a virtual currency mixer that serves as a key money-laundering tool of the OFAC-designated Lazarus Group, a state-sponsored cyber hacking group of the Democratic People’s Republic of Korea (DPRK).

US Treasury targets large Iranian military financial facilitation networks

Over 20 individuals and entities sanctioned for their involvement in financial facilitation networks for the benefit of Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Iranian Armed Forces General Staff (AFGS), and the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).