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In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London Global and Government Trade team listed above.
- OFSI amends Prince Group Insolvency General Licence INT/2026/9491628: On 24 June, OFSI amended General Licence INT/2026/9491628 to revise the definition of the "Permitted Insolvency Activities" that are authorised by the General Licence. (General Licence).
- OFSI amends Lukoil General Licence INT/2025/8031092: On 22 June, OFSI amended General Licence INT/2025/8031092 to remove the requirement that funds made available, either directly or indirectly, to or for the benefit of Lukoil International GmbH or a Lukoil International subsidiary must be paid into a frozen account. OFSI issued FAQ 196 further explaining the amendment. (General Licence) (UK Financial Sanctions FAQs - FAQ 196).
- OFSI and OFAC publish joint guidance comparing UK and US sanctions regimes: On 23 June 2026, OFSI and the US Office of Foreign Assets Control ("OFAC") published new joint guidance providing a comparative overview of the UK and US sanctions regimes. The guidance, produced under the UK-US Enhanced Partnership, compares important aspects of the two regimes, such as sanctions lists, licences, record keeping, and reporting requirements. (The U.S. and UK Economic Sanctions Authorities: A Comparative Overview).
- House of Commons Library publishes research briefing on seizing shadow fleet vessels: On 18 June 2026, the UK House of Commons Library published research outlining the domestic and international legal frameworks that would govern how the UK could enforce sanctions against the shadow fleet within UK territorial waters and beyond. (Seizing the shadow fleet - House of Commons Library).
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