Last Week's Major Developments in Sanctions - February 9, 2026, to February 13, 2026

OFSI updated its guidance on financial sanctions enforcement and monetary penalties to reflect the outcome of the UK's government consultation on improving civil enforcement processes. In short, the new guidance discusses the following changes: Early Account Scheme, Case Assessment, Monetary Penalty Process and Settlement Scheme, Financial Hardship, and Fixed Monetary Penalties. (Here)

OFAC issued Venezuela General License 48, "Authorizing the Supply of Certain Items and Services to Venezuela;" Venezuela General License 30B, "Authorizing Certain Transactions Necessary to Port and Airport Operations;" and Venezuela General License 46A, "Authorizing Certain Activities Involving Venezuelan-Origin Oil."
OFAC imposed blocking sanctions against two individuals, four entities, and two vessels under the United States' counter terrorism sanctions for their role in generating revenue for Hizballah. (Here, and the Department of State's press release)
OFSI amended General Licence INT/2025/7895596 allowing the continuation of Business of Lukoil Bulgaria Entities by extending its expiration date to August 13, 2026. (Here) OFSI amended FAQ 173 to reflect this change. (Here)
France imposed asset-freezing sanctions against an individual under France's autonomous sanctions regime that targets acts of foreign influence. (Here)

In an export control-related development, BIS announced an approximately $252 million settlement agreement with Applied Materials for illegal exports of U.S. semiconductor manufacturing equipment to China. (Here)

OFAC published an unusual settlement agreement with a boarding school, IMG Academy, for $1,720,000 to settle its potential civil liability for apparent violations of OFAC counternarcotics sanctions. Over five consecutive years, IMG Academy repeatedly transacted with two individuals whom OFAC sanctioned based upon their ties to a sanctioned Mexican-based drug cartel. (Here)

FinCEN launched a new dedicated webpage for its Office of the Whistleblower to confidentially accept whistleblower tips on fraud, money laundering, and sanctions violations. Individuals who provide information may be eligible for awards if their tip leads to a successful enforcement action. (Here)
OFAC issued Venezuela-related General License 49, "Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela;" and Venezuela-related General License 50, "Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities." The latter General License allows BP, Chevron, Eni, Repsol, and Shell to engage in transactions related to oil or gas sector operations in Venezuela (Here)
The Department of Statement issued a note detailing all actoins taken with respect to Venezuelan oil following Maduro's extraction. (Here)
DOJ announced that a Virginia-based company, Eleview International Inc., its owner and CEO, and a senior employee were sentenced for conspiracy to violate the Export Control Reform Act. According to court records, between February 2022 and June 2023, they illegally exported U.S. goods and technology to Russia by transshipping them through three countries bordering or near Russia. (Here)