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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.

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.

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.

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.

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.

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 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.

Office of Trade Sanctions Implementation (OTSI) Annual Report

The Office of Trade Sanctions Implementation (OTSI) has published its first-year operational report, detailing activities from 2024 to 2025. The report outlines OTSI's powers, capabilities, operational functions, and engagement efforts, while also looking ahead to future priorities such as enhanced business support and proactive enforcement.

UK Sanctions Enforcement Action Case Studies and Lessons

The UK government has published a collection of case studies and lessons learned from sanctions enforcement actions taken by various bodies, including OFSI, NCA, OTSI, and HMRC. This resource aims to inform industry stakeholders about compliance requirements and potential penalties under UK sanctions regulations.

UK Sanctions Guidance for Businesses

The UK's Foreign, Commonwealth & Development Office and HM Treasury have published new guidance for businesses and organisations on understanding and complying with UK sanctions. The guide outlines various types of sanctions and reporting obligations for regulated firms.

Guidance on Belarus Sanctions Trade Licence Considerations

The UK Department for Business and Trade has published guidance on considerations for granting trade sanctions licences related to Belarus. This guidance details specific conditions under which licences may be granted for military goods, technology, and related services, as well as for hydrazine imports.

UK Sanctions List Consolidation and OFSI List Closure

The UK's Office of Financial Sanctions Implementation (OFSI) Consolidated List of Asset Freeze Targets closed on January 28, 2026. All UK sanctions designations are now consolidated under the UK Sanctions List. This change aims to streamline sanctions information for regulated entities.

OFAC Designates Rwanda Defence Force and Officials; Issues General License

The US Treasury's OFAC has designated the Rwanda Defence Force and four Rwandan officials under its Specially Designated Nationals (SDN) List for actions related to the Democratic Republic of the Congo. OFAC also issued DRC-related General License 1 to authorize the wind-down of transactions involving the Rwanda Defence Force.

Switzerland Updates ISIL and Al-Qaida Sanctions List

Switzerland's State Secretariat for Economic Affairs (SECO) announced an update to its sanctions list concerning individuals, groups, undertakings, and entities associated with ISIL (Da'esh) and Al-Qaida. The update reflects amendments made by the UN sanctions committee, entering into force in Switzerland without delay.

US Imposes Export Controls on AI Chips to China, Tariffs

The US Department of Commerce's Bureau of Industry and Security (BIS) issued a final rule on January 15, 2026, revising its export licensing review policy for advanced computing items to China. This change shifts from a presumption of denial to a case-by-case review for certain AI chips, while also imposing a 25% fee on such sales. Concurrently, a Section 232 Proclamation targets semiconductor imports with tariffs, offering exceptions for domestic use.

OFAC Issues Venezuela Oil Trade General Licenses

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued General License (GL) 46, authorizing certain transactions related to Venezuelan oil and petroleum products for established U.S. entities. This action aims to expand trade and investment opportunities, though broader sanctions remain in place.

Treasury RFI on CFIUS Known Investor Program

The U.S. Department of the Treasury has issued a Request for Information (RFI) regarding the implementation of the CFIUS Known Investor Program (KIP). The RFI seeks public input on formalizing this voluntary program, which aims to streamline foreign investment reviews. The comment period closes on March 18, 2026.

Supreme Court Invalidates IEEPA Tariffs

The U.S. Supreme Court, in a 6-3 decision in Learning Resources v. Trump, ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs. This decision invalidates previously imposed IEEPA tariffs and forecloses their future use as a statutory basis for tariffs.

OFAC Authorizes Expanded Oil Activities in Venezuela

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued new General Licenses (GLs) expanding authorizations for U.S. persons involved in Venezuela's oil and gas sector. These licenses permit a wider range of transactions related to oil extraction, export, and services, aligning with a broader U.S. strategy to relax sanctions.

Swiss Sanctions Amended for Sudan

On February 18, 2026, Switzerland's Federal Department of Economic Affairs, Education and Research amended its ordinance on measures against Sudan. Seven individuals have been added to the sanctions list, with the measures taking effect immediately.

SECO Amends Ukraine Sanctions Ordinance

The Swiss State Secretariat for Economic Affairs (SECO) has amended Annex 8 of the Ordinance on Measures Relating to the Situation in Ukraine. The amendment modifies entries for 88 individuals and 92 organizations, with measures taking effect on February 24, 2026.

Swiss Ordinance on Sudan Sanctions Updated

Switzerland has updated its ordinance on Sudan sanctions following amendments by the UN sanctions committee. The SESAM database has been updated to reflect these changes, which enter into force in Switzerland without delay.

Ukraine Sanctions Measures Ordinance Update

On February 26, 2026, the Swiss Federal Department of Economic Affairs (EAER) updated its interpretative aid for sanctions measures related to the situation in Ukraine. The modifications are visible in track changes mode within the updated document.

EU Sanctions Against Russia and Belarus Updated

The European Commission has updated its guidance and FAQs regarding sanctions against Russia and Belarus. These updates address specific measures such as the Nord Stream infrastructure ban, provision of services, and the oil price cap, impacting entities under EU jurisdiction.

FAQs on Nord Stream Infrastructure Ban and Russia Sanctions

The European Commission has published Frequently Asked Questions (FAQs) clarifying restrictions on Nord Stream infrastructure as part of sanctions against Russia. These FAQs address specific queries related to the ban and its implications.

EU Sanctions FAQs on Provision of Services

The European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union has published Frequently Asked Questions (FAQs) regarding the provision of services in the context of sanctions adopted following Russia's military aggression against Ukraine. These FAQs clarify specific sector-related questions for businesses operating within the EU.

EU Lifts Most Economic Sanctions on Syria

The EU has lifted most economic sanctions on Syria, including those related to banking, finance, energy, and transport, effective May 28, 2025. This decision supports Syria's transition and economic recovery, though certain restrictions like arms embargoes and individual listings remain. EU operators can now engage in previously restricted activities.

EU Sanctions Iran: Individuals, Entities, Asset Freeze, Drone/Missile Tech

The European Commission announced new EU sanctions against Iran, adding 15 individuals and 6 entities subject to asset freezes and travel bans. The measures also extend prohibitions on drone and missile technology exports to Iran, impacting its support for Russia's war in Ukraine.

Security Council Removes Syria Officials from ISIL/Al-Qaida Sanctions List

The UN Security Council adopted Resolution 2799 (2025) to remove Syria's transitional President Ahmed al-Sharaa and transitional Minister for Interior Anas Hasan Khattab from the ISIL/Al-Qaida sanctions list. This decision, passed with 14 votes in favour and 1 abstention, is intended to support Syria's economic recovery and political transition.

Security Council Adds Four to Sudan Sanctions List

The UN Security Council Committee established pursuant to resolution 1591 (2005) concerning the Sudan has added four individuals to its sanctions list. These individuals are associated with the Rapid Support Forces and have been designated under Chapter VII of the UN Charter.

Security Council Press Release on ISIL and Al-Qaida Sanctions

The UN Security Council issued a press release on February 27, 2026, concerning sanctions against ISIL (Da'esh) and Al-Qaida. The release details updates and decisions made by the Security Council regarding these sanctions regimes.

OFAC Designations and General License for Counter Terrorism

The US Treasury's OFAC has designated individuals linked to terrorism, narcotics trafficking, and atrocities in Sudan. These actions update the Specially Designated Nationals (SDN) List and include the issuance of a general license authorizing the wind-down of transactions involving Kovay Gardens.

Treasury Sanctions Exploit Broker Network for Cyber Tools

The U.S. Department of the Treasury's OFAC has sanctioned four individuals and one entity for their involvement in a network that exploits and sells U.S. government cyber tools. These designations are related to Russia-related sanctions and cyber-related activities.

OFAC Settles Syrian Sanctions Violations for $3,777,000

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced an individual settled potential civil liability for $3,777,000 related to apparent violations of Syrian sanctions. The violations involved providing managerial services to Syrian real estate companies between January 2018 and December 2021.

Venezuela-related FAQ on Oil Resale

The Office of Foreign Assets Control (OFAC) has issued a new Frequently Asked Question (FAQ 1238) regarding the resale of Venezuelan origin oil to Cuba. This FAQ provides clarification on existing sanctions regulations.

OFAC Sanctions Iran's Shadow Fleet and Missile Programs

The US Treasury Department's OFAC has sanctioned Iran's shadow fleet and entities involved in its ballistic missile and weapons programs. Seventeen entities and four individuals have been added to the Specially Designated Nationals (SDN) List, subjecting them to secondary sanctions.

OFAC Sanctions Nicaragua Individuals; Amends Russia License

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned five individuals in Nicaragua and issued an amended Russia-related General License. These actions update OFAC's Specially Designated Nationals (SDN) List and provide guidance on specific transactions.

OFAC Removes Russia and Lebanon Sanctions Designations

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has removed several individuals from its Specially Designated Nationals (SDN) List. These removals include designations related to Russia and Lebanon, with some individuals previously linked to the Wagner Group. This action updates OFAC's sanctions lists and impacts entities that previously had dealings with these designated parties.