Trade & Export

Bank of Scotland Fined for Russia Sanctions Breaches

The Office of Financial Sanctions Implementation (OFSI) has imposed a £160,000 penalty on Bank of Scotland for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019. The breaches involved processing 24 payments totalling £77,383.39 to or from a designated individual's account.

Definitive Anti-Dumping Duty on Engine Oils and Hydraulic Fluids from Lithuania and UAE

The UK Secretary of State for Business and Trade has imposed a definitive anti-dumping duty on certain engine oils and hydraulic fluids originating from Lithuania and the United Arab Emirates. This action follows a recommendation from the Trade Remedies Authority and aims to address unfair trade practices.

Trade Remedies Notice: Registration of Hot-Rolled Steel Plates from South Korea

The UK Department for Business and Trade has issued a notice requiring the registration of imports of hot-rolled steel plates originating from South Korea. This action is taken under the Taxation (Cross-border Trade) Act 2018 and impacts importers and exporters of this specific steel product.

Definitive Anti-Dumping Duty on Excavators from China

The UK Secretary of State for Business and Trade is applying a definitive anti-dumping duty on certain excavators originating from China. This notice details the application of the duty and related reviews.

Trade Remedies Notice: Registration of Boom Lift Imports from China

The UK Department for Business and Trade has issued a notice requiring the registration of imports of boom lifts originating from China. This notice is published under the Taxation (Cross-border Trade) Act 2018 and takes effect on January 20, 2026.

Trade Remedies Notice: Registration of Imports of Creamy/White Limestone from Portugal

The UK Department for Business and Trade has issued a notice requiring the registration of imports of creamy/white limestone originating from Portugal. This action is taken under the Taxation (Cross-border Trade) Act 2018.

Maritime Mutual Re-Insurance Wind Down General Licence

The UK Treasury has issued a General Licence allowing UK Insurers and Insurance Brokers to process funds related to Maritime Mutual Re-Insurance wind-down activities. This licence is granted under the Russia (Sanctions) (EU Exit) Regulations 2019 and permits transactions for contracts agreed prior to February 24, 2026.

PJSC Transneft Wind Down General Licence

HM Treasury has issued a General Licence for the wind-down of transactions involving PJSC Transneft, effective February 24, 2026, and expiring April 9, 2026. This licence exempts certain acts from Russia sanctions prohibitions to facilitate divestment and transaction closure.

Myanmar Humanitarian Activity General Licence

The UK has issued a General Licence (INT/2025/8257372) under the Myanmar (Sanctions) Regulations 2021 and the Global Human Rights Regulations 2020. This licence exempts certain 'Relevant Persons' from prohibitions when carrying out activities necessary for humanitarian assistance and supporting basic human needs in Myanmar.

Lukoil Bulgaria Entities General Licence Continuation of Business

HM Treasury has amended the General Licence concerning the continuation of business for Lukoil Bulgaria entities. This amendment extends the licence, allowing specified business operations to continue under certain conditions until February 13, 2026.