On 28 January 2026, OFSI announced (see here) strengthened multi agency efforts to counter the abuse of cryptoassets for sanctions evasion and related money laundering activities, highlighting increasing operational coordination across the UK enforcement landscape. Multi-agency enforcement through the Crypto Cash Fusion Cell As part of these efforts, OFSI is working with the Crypto Cash Fusion Cell (“CCFC”), a pilot multi‑agency initiative bringing together the National Crime Agency (“NCA”), the Metropolitan Police Service, His Majesty’s…
On 23 January 2026, the European Commission released new FAQ guidance providing clarifications for operators navigating the EU’s expanding Russia sanctions framework. Notably, the European Commission updated their Consolidated FAQs on Sanctions against Russia and Belarus (the “FAQs”, accessible here) with guidance on the Nord Stream transaction ban and the EU’s 19th sanctions package, summarized below. I. Clarifications on the Nord Stream Transaction Ban (Article 5af, Regulation 833/2014) The EU has published dedicated FAQs interpreting…
On 18 July 2025, the UK Government announced a lowering of the Oil Price Cap (“OPC”) to further inhibit Russia’s ability to use oil revenues to finance its illegal invasion of Ukraine. The OPC was first introduced in December 2022 to reduce Russia’s oil revenues in response to the invasion of Ukraine that same year. The OPC prevents G7 companies from shipping, insuring or servicing any Russian crude oil sold above the OPC price of…
On 17 July 2025, the UK Office of Financial Sanctions Implementation (“OFSI”) launched a series of new online forms for parties looking to submit licence applications or report information such as suspected breaches of financial sanctions. The new forms aim to streamline the submission process and to avoid incomplete or incorrect submissions through the introduction of mandatory fields and built-in guidance notes, thereby reducing the need for follow-up questions and enabling OFSI to provide…