United Kingdom

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.

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.

UK General Licence for Lukoil International Business Continuation

The UK Treasury has issued a general licence allowing certain business operations involving Lukoil International and its subsidiaries to continue, despite existing sanctions. This licence is effective from November 27, 2025, and expires on February 26, 2026.

Russia Sanctions: Persons Subject to Financial Restrictions

The UK's Foreign, Commonwealth & Development Office and Office of Financial Sanctions Implementation have updated guidance on persons subject to financial and investment restrictions under the Russia sanctions regime. The guidance lists entities like GAZPROM NEFT, PJSC SBERBANK, and VTB BANK, detailing restrictions on transferable securities and loans.

OFSI General Licences Update

The Office of Financial Sanctions Implementation (OFSI) has updated its collection of General Licences. The latest updates, issued in February 2026, include licences related to the wind-down of Russian entities like Maritime Mutual Re-Insurance and PJSC Transneft, as well as humanitarian activities in Myanmar and continuation of business for Lukoil and Rosneft subsidiaries.

UK Financial Sanctions FAQs

The UK's Office of Financial Sanctions Implementation (OFSI) has updated its Financial Sanctions FAQs. These updates provide technical guidance and information on various sanctions regimes, including specific country measures and licensing. The latest updates include amendments and additions to existing FAQs, with the most recent changes noted on February 25, 2026.

OFSI General Licence for Lukoil Business Continuation

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2025/8031092, allowing for the continuation of business operations with Lukoil International Entities under the Russia (Sanctions) (EU Exit) Regulations 2019. This licence was initially published on November 27, 2025, and updated on February 25, 2026.

OFSI General Licence for PJSC Transneft Wind Down

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2026/8889196, allowing persons to wind down transactions involving PJSC Transneft. This guidance is issued under The Russia (Sanctions) (EU Exit) Regulations 2019.