On June 23, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) published a joint statement reflecting on their latest Enhanced Partnership exchange and issued a new joint guidance document that provides a comparative overview of the US and UK sanctions regimes. The joint statement and guidance follow a January 2026 in-person meeting between OFSI and OFAC. The statement and accompanying guidance…
On 9 June 2026, European Commission President Ursula von der Leyen announced that the European Commission is preparing a 21st sanctions package against Russia, marking a further step in the EU’s ongoing effort to intensify economic pressure following Russia’s continued aggression in Ukraine. The proposed measures focus on high-impact sectors, including energy, financial services (including crypto-assets) and trade restrictions. Key Elements of the Proposed 21st Package Energy and Transport: Expanded Targeting of the Shadow Fleet…
On 28 May 2026, the UK Financial Conduct Authority (“FCA”) published a detailed report outlining steps that financial institutions take to comply with sanctions requirements, including examples of good and poor practice. The report addresses both financial and trade sanctions measures, with financial institutions managing risks arising from their own activities and those of their customers. The report follows the FCA’s engagement with over 150 FCA-supervised firms since February 2022, and builds upon the FCA’s…
The UK’s Office of Financial Sanctions Implementation (OFSI) has introduced The Sanctions (EU Exit) (Miscellaneous Amendment) Regulations 2026 (the “Regulations”), which came into force on 13 May 2026. The Regulations create new powers for the UK government to impose licensing requirements on exports where it considers there is a high risk of the goods or related technology being diverted to a sanctioned person or destination. For further details about the Sanctions End-Use Controls and other…