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UK Government amends UK Syria Sanctions to remove trade restrictions on luxury goods, gold, precious metals, and diamonds

By , and 2 Mins Read

On 22 April 2026, the Syria (Sanctions) (EU Exit) (Amendment) Regulations 2026 (the “Syria Amendment Regulations”) came into force, amending the Syria (Sanctions) (EU Exit) Regulations 2019 (the “Syria Sanctions”) to remove trade restrictions relating to luxury goods, gold, precious metals and diamonds. What have the Syria Amendment Regulations changed? The Syria Amendment Regulations have amended UK Syria Sanctions to remove the definitions of “gold, precious metals or diamonds” and “luxury goods” in their entirety.…

OFAC Issues New Venezuela-related General Licenses Authorizing Commercial Negotiations of Contingent Contracts with GOV and Financial Services involving Named Venezuelan Banks

By , , , and 4 Mins Read

On April 14, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two new general licenses (“GLs”) — GL 56 and GL 57, which further ease longstanding US sanctions targeting Venezuela. OFAC also issued a new Frequently Asked Question (“FAQ”) to clarify the scope of the reporting requirements included in several Venezuela-related GLs. These GLs address certain gaps in the previous sanctions framework and removal of certain restrictions by broadening the…

OFAC Issues General License No. 134B Extending Authorization for Certain Russia‑Origin Crude Oil and Petroleum Product Transactions

By 2 Mins Read

On April 17, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Russia‑related General License No. 134B (“GL 134B”), extending the duration of General License No. 134A, which authorized certain transactions involving crude oil and petroleum products of Russian Federation origin that had already been loaded onto vessels. As with GL 134A, GL 134B authorizes transactions that are ordinarily incident and necessary to the sale, delivery, or offloading of Russian‑origin…

OFAC Amends General License Nos. 128B and 130 to Further Extend Limited Authorizations for Transactions with Certain Lukoil Entities

By 2 Mins Read

On April 14, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued General License Nos. 128C and 130A (“GL 128C” and “GL 130A”, respectively), further extending prior authorizations relating to certain transactions involving certain subsidiaries of Public Joint‑Stock Company Oil Company Lukoil (“Lukoil”). As with earlier iterations, these general licenses permit limited, time‑bound transactions to proceed notwithstanding the designation of Lukoil and certain affiliates as Specially Designated Nationals (“SDNs”). We…

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