Last Week's Major Developments in Sanctions - January 26, 2026, to January 30, 2026

OFSI announced a penalty of £160,000 on Bank of Scotland Plc. The bank had processed 28 transactions in breach of the UK's sanctions regulations related to Russia. These transactions related to a designated person. (Here)

The U.S. Department of States announced that United States of America, along with 40 countries, gathered last week in Prague, the Czech Republic for a symposium designed to further advance the implementation of the reimposed United Nations Security Council resolutions on the Iranian regime. (Here)

The United Kingdom completed the move to the UK Sanctions List. The new list serves as the single source for UK sanctions designations. The OFSI Consolidated List of Asset Freeze Targets has been closed. (UK Sanctions Lists) OFSI published a guidance on how to use the new list. (Here) To know more about the new UK Sanctions List check: Moving to a single list of UK designations.

The UK's Export Control Joint Unit updated its guidance for submitting open licence returns to reflect changes in reporting requirements and to provide clearer instructions for exporters. (Here)
OFAC published General License 46 under its Venezuela sanctions regulations authorizing a range of activities (including sale) related to Venezuelan origin oil. (Here) The General License has some unusual conditions and notes that must be taken into consideration.
OFSI published its response to the consultation on proposed measures to enhance the effectiveness of its civil enforcement processes for financial sanctions and the Oil Price Cap. (Here)
The EU Council had a sanctions-packed day. It adopted:
- Decision 2026/254 adding seven individuals to the list of blocked persons under the EU's Sudan sanctions regime. (Press release)
- Decision 2026/260: adding six individuals to the list of blocked persons under the EU's Russia sanctions regime.
- Decision 2026/263: adding four individuals six entities to the list of blocked persons under the EU's Iran sanctions regime.
- Decision 2026/265: adding 15 individuals six entities to the list of blocked persons under the EU's Iran sanctions regime. (Press release)
- Decision 2026/239: extending it sanctions regime against Tunisia for another year until 31 January 2027.

OFAC imposed blocking sanctions against seven individuals and two entities under their role in suppressing Iranian people's protests and facilitating sanctions evasion. The two designated entities are digital asset exchanges that have processed large volumes of funds associated with IRGC-linked counterparties. This is OFAC’s first designation of a digital asset exchange for operating in the financial sector of the Iranian economy. (Here, the Department of the Treasury's press release, and the Department of State's press release)