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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.
- FCA publishes sanctions and controls findings: On 1 June 2026, the FCA published a report on how financial services firms can manage their sanctions obligations, covering financial and trade sanctions. This report draws on the FCA's review of over 150 firms starting from February 2022. Findings of the report show that frozen assets in the UK increased from £24.4bn in 2023/24 to £37bn in 2024/25, and that screening failures and poor alert management are the most common causes of suspected sanctions breaches. (Sanctions systems and controls in our firms: our findings | FCA).
- OFSI updates sanctions guidance on Huobi Global SA: On 2 June 2026, OFSI updated its UK Financial Sanctions FAQs on Huobi Global SA, which was added to the UK Sanctions List on 26 May 2026. Huobi changed its name to HTX, and OFSI has confirmed that the HTX cryptocurrency exchange remains subject to the UK's financial sanctions due to its ownership by Huobi, meeting the condition in regulation 7(2)(a) of the Russia (Sanctions) (EU Exit) Regulations 2019. (UK Financial Sanctions FAQs - GOV.UK).
- FCA and OTSI sign Memorandum of Understanding on trade sanctions co-operation: On 28 May 2026, the FCA and the Office of Trade Sanctions Implementation ("OTSI"), signed a Memorandum of Understanding ("MoU") establishing arrangements for co-operation and information sharing. OTSI was launched in October 2024 with responsibility for strengthening implementation and enforcement of UK trade sanctions. Under the MoU, the parties intend to share information on a regular and ad hoc basis, including in relation to suspected sanctions breaches, weaknesses in firms' systems and controls, and cases where joint investigations would benefit enforcement. (MoU between the Office of Trade Sanctions Implementation and the FCA).
- FCDO designates individuals and entities linked to A7 crypto network: On 26 May 2026, the UK added 18 entities linked to the A7 crypto network to its sanctions list under the Russia (Sanctions) (EU Exit) Regulations 2019. In connection with the designations, OFSI amended its personal remittance licence (GL INT/2024/4761108), which allows a person to make use of the retail banking services of a designated credit or financial institution provided that payments are intended for personal use. (Sanctions Notice; OFSI General Licence GL INT/2024/4761108).
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