On July 10, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a series of Iran-related sanctions designations targeting Iranian financial facilitator Ali Ansari and his financial network, as well as several Iranian exchange houses accused
Sanctions & Export Controls Update
The Sanctions & Export Controls Update blog, published by Baker McKenzie, focuses on legal developments and regulatory changes related to international sanctions and export control regimes. It covers topics such as updates on sanctions imposed by governments and international bodies, compliance requirements for businesses, enforcement actions, licensing procedures, and the impact of sanctions on cross-border trade and transactions. The blog also addresses specific country sanctions, dual-use goods regulations, and coordinated international sanctions efforts, providing insights relevant to multinational corporations, legal practitioners, and compliance professionals navigating complex sanctions landscapes.
Latest from Sanctions & Export Controls Update - Page 4
OFAC sanctions parties for links to Brazilian Foreign Terrorist Organization PCC
On July 1, 2026, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department imposed sanctions on several parties due to links to Brazil-based Primeiro Comando da Capital (i.e., First Capital Command, or “PCC”). This was the first…
US Initiates Process to Rescind Syria’s State Sponsor of Terrorism Designation
On July 8, 2026, the US Department of State announced that President Trump had notified Congress of his administration’s intent to rescind Syria’s designation as a State Sponsor of Terrorism (“SST”). The notification initiates a 45-day period that must elapse…
OFAC and OFSI Publish Joint Guidance Comparing US and UK Sanctions Regimes Following Latest Enhanced Partnership Exchange
On June 23, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC“) and HM Treasury’s Office of Financial Sanctions Implementation (“OFSI“) published a joint statement reflecting on their latest Enhanced Partnership exchange and issued a new…
OFAC Reverses US Sanctions Relaxation Related to US-Iran Memorandum of Understanding
On July 7, 2026, the US Treasury Department’s Office of Foreign Assets Control revoked Iran General License X (“GL X”), which would have otherwise been valid through August 21, 2026. GL X was issued in June to authorize the production,…
U.S. House Passes Ukraine Support Act, Advancing Additional Russia-Related Sanctions and Trade Measures
On June 4, 2025, the U.S. House of Representatives passed the Ukraine Support Act (H.R. 2913) (the “Act”), a broad measure that would, if enacted, (1) impose new Russia-related sanctions, (2) codify and tighten existing U.S. export controls,…
OFAC Venezuela Developments: New Conviasa Aircraft General License, Reissued Venezuela Telecom/Mail and PdVSA Bond Authorizations, and Updated FAQ 595
On June 18, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued three Venezuela-related general licenses and amended FAQ 595. The most notable development is new General License 59 (“GL 59”), which authorizes certain aircraft…
UK Introduces New Open General Export Licence for Dual-Use Items
On 25 June 2026, the UK’s Export Control Joint Unit (“ECJU”) introduced a new Open General Export Licence for dual-use items (“Dual-Use OGEL”) intended to simplify licensing requirements for UK exporters of dual-use items by providing a single, streamlined licensing…
OFAC Issues General License for Earthquake Relief Efforts in Venezuela
On June 25, 2026, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued General License No. 60 (“GL 60”) to authorize transactions related to earthquake relief efforts that would otherwise be prohibited under the Venezuela Sanctions Regulations, 31…
Canada Expands Russia Sanctions at G7 Summit
At the 2026 G7 Leaders’ Summit, Prime Minister Carney announced a further expansion of its sanctions regime under the Special Economic Measures (Russia) Regulations (Regulations), effective June 12, 2026. The measures form part of Canada’s continuing effort to constrain Russia’s…