On 16 June 2026, the UK announced a new package of sanctions under its Russian sanctions regime. The package targets Russia’s shadow fleet, financial networks, military procurement channels, and broader support infrastructure. In total, 70 individuals and entities have been designated under the new package. The sections below summarise the key elements of the package. New sanctions targeting Russia’s shadow fleet and maritime evasion A central focus of the new measures is Russia’s “shadow fleet”,…
On June 10, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a suite of updated Venezuela-related general licenses (“GLs”) that slightly ease certain licensing conditions related to governing law and dispute resolution clauses in contracts involving the Government of Venezuela, Petróleos de Venezuela S.A. (“PdVSA”), CVG Compañía General de Minería de Venezuela CA (“Minerven”), or any entity in which PdVSA or Minerven owns, directly or indirectly, a 50% or…
On June 11, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published in the Federal Register the List of Medical Devices Requiring Specific Authorization under the North Korea Sanctions Regulations, 31 CFR Part 510 (“NKSR”). The export or reexport of these excluded non-US medical devices to North Korea requires a specific license from OFAC if US Persons are involved. Other non-US medical devices remain eligible for export/reexport to North Korea…
Since issuing its Frequently Asked Questions (“FAQ”) 1249 on April 28, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has updated its position with respect to “toll” payments to Iran for safe passage through the Strait of Hormuz. At the time of its publication, FAQ 1249 made it clear that payments to Iran for “safe passage” through the Strait of Hormuz are prohibited for U.S. persons. However, to further maximize…