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Economic Sanctions
UK Sanctions
This section includes the UK Sanctions List, published by the UK Government which provides details of those designated under regulations made under the Sanctions Act.
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UK Sanctions List: change in format
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FCDO imposes sanctions on Georgian individuals and entities backing Russia’s illegal war in Ukraine to weaken its support network and cut energy revenues
Two oil tankers involved in transporting Russian oil to the Georgian port of Batumi have been sanctioned. These vessels are part of Russia’s “shadow fleet”—dilapidated ships used to circumvent sanctions. They are now barred from UK ports and prohibited from registering under the UK Ship Register. Individuals: Georgian politician and media mogul Levan Vasadze has been sanctioned for…
OFSI’s Financial Sanctions Notice (Sept 25) requires all holders of designated persons’ frozen assets to report their value by 30 Nov 25, including “nil returns,” with strict penalties for non-compliance
The report must include details of assets frozen both in the UK and overseas, where subject to UK financial sanctions legislation. Entities that previously submitted reports must provide updated information, and those no longer holding such assets should submit a “nil return.” Failure to comply with these reporting obligations may result in penalties…
OFSI issues Disclosure Notice to Vanquis Bank for an 8-day delay in freezing a designated person’s a/c, allowing cash withdrawals and a transaction, stressing the need for robust sanctions controls
The breach involved a delay of eight days in restricting access to the account of a person who had been designated under the sanctions regime. During this time, the designated person (DP) was able to withdraw £200 in cash and make a purchase of £8.99. VBL’s internal screening flagged the DP soon after designation, but due to resource constraints…
HMT consults on proposed reforms to toughen OFSI enforcement with a Case Assessment Matrix, stricter discounts, new settlement tools, and fines up to £2M or 100% of breach value – open until 13 Oct 2025
Key proposals include a new Case Assessment Matrix to better link breach severity with penalties; introducing an Early Account Scheme offering up to 40% penalty discounts for early cooperation; capping voluntary disclosure discounts at 30%; and adding a settlement option with an extra 20% discount for swift resolution…
OFSI launches new online forms to simplify sanctions compliance processes, including licence applications, breach reporting, and frozen asset notifications
These user-friendly forms provide built-in guidance and mandatory fields to reduce errors and speed up processing by directing submissions straight to the relevant teams. While still optional during a transition period, the online system aims to improve clarity, accessibility, and efficiency for businesses and individuals navigating sanctions requirements. Feedback is welcomed via ofsi@hmtreasury.gov.uk …
NCA issues a red alert on “shadow fleet” networks evading maritime sanctions, urging FIs to enhance due diligence, monitor vessel and ownership risks tied to Russia-linked evasion
These vessels exploit tactics such as AIS manipulation, frequent reflagging under flags of convenience, and ownership obfuscation to avoid detection and enforcement. The alert highlights the growing use of covert shipping networks in response to Russia-related sanctions and the critical role of financial intelligence in disrupting these schemes…
OFSI updates UK’s Russia sanctions list, adding 16 individuals – requiring firms to freeze assets, suspend trust services, cease dealings without a licence, and report any links
The update reinforces reporting obligations, clarifies that duplicate reports are unnecessary, and warns that violations or circumvention efforts may lead to criminal prosecution. The notice also highlights extended whistleblower protections and…
UK intensifies its crackdown on Putin’s war economy with 30 new sanctions targeting illicit oil shipments, tech smuggling networks, and military intelligence links supporting Russia’s aggression
The UK government has imposed 30 new sanctions targeting key sectors of the Russian economy, including financial services, military, and energy, to further restrict Russia’s capacity to finance its war efforts. These coordinated measures aim to intensify pressure on the Russian regime and demonstrate continued support for Ukraine in the face of ongoing aggression…
OFSI’s June 2025 Threat Assessment flags the UK art and HVD sectors as hotspots for sanctions evasion and ML, urging tighter controls on HVA misuse by designated persons and enablers
The report reveals that luxury assets like art, jewellery, and vehicles are widely used to hide ownership, move funds covertly, and evade UK asset freezes. OFSI warns many remain unreported and reminds that from 14 May 2025, AMPs and HVDs must freeze and report assets linked to designated persons. Low SARs from these sectors highlight a serious compliance gap, while the role of enablers in facilitating breaches calls for stricter controls and due diligence beyond Russia-related risks…
OFSI releases new video series on ‘Financial Sanctions: The Basics’ to boost understanding of UK sanctions, covering OFSI’s role, guidance, consolidated sanctions lists, reporting duties, and licensing
The series covers key areas including the function of OFSI, available guidance to support compliance, the consolidated list of designated persons maintained in collaboration with the FCDO, and procedures for reporting suspected sanctions breaches. It also introduces the use and operation of general licences, helping individuals and businesses understand when and how these may apply…
UK imposes 100 new sanctions on Russia’s military, energy, and financial sectors, aiming disrupt the supply chains and financial networks driving its aggression in Ukraine
In parallel, the UK and its international partners are intensifying efforts to enforce and tighten the Oil Price Cap, aiming to reduce Russia’s critical oil revenues that fund its military aggression. This coordinated action demonstrates the UK’s continued commitment to applying financial pressure on the Kremlin and countering illicit finance linked to its war machine…
UK Govt’s sanctions enforcement review unveils tougher penalties, clearer guidance, enhanced compliance tools, and a more coordinated, intelligence-driven approach – set for 2025-26
The UK government will implement targeted actions in 2025–2026 to strengthen sanctions enforcement, including clearer guidance, a consolidated sanctions list, enhanced compliance support, and faster, more transparent civil penalty processes…