On 22 May 2026, the Swiss Federal Council announced the expansion of its sanctions lists against Russia and Belarus (see press release here). With this step, Switzerland has partially implemented the measures adopted by the EU under its 20th
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 6
OFAC Issues General License 58 Authorizing Certain Services to the Government of Venezuela Involving Potential Debt Restructuring
On May 5, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC“) issued General License No. 58 (“GL 58“), authorizing transactions ordinarily incident to the provision of certain services in connection with potential debt restructuring of…
President Trump Signs New Executive Order Imposing US Secondary Sanctions Targeting Cuba
On May 1, 2026, President Trump signed Executive Order 14404 (“EO 14404”) entitled “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to United States National Security and Foreign Policy,” which significantly expands the US sanctions framework…
UK Expands Russia Sanctions Regime and Issues New General Licences for LNG Maritime Transportation and Processed Oil Products
On 19 May 2026, the UK Government published the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2026 (SI 2026/543) (the “Amendment Regulations“), introducing numerous amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Regulations“). The Amendment Regulations introduce certain new…
OFSI expands “prior obligations” licensing ground and updates UK Financial Sanctions FAQs
The UK’s Office of Financial Sanctions Implementation (OFSI) has introduced The Sanctions (EU Exit) (Miscellaneous Amendment) Regulations 2026 (the “Regulations”), which came into force on 13 May 2026. The Regulations create new powers for the UK government to impose licensing…
FinCEN Issues Alert on IRGC Money Laundering Through Front Companies, Financial Facilitators, and Digital Assets
On May 11, 2026, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an alert (the “Alert”) to financial institutions outlining funding streams and procurement networks that support Iran’s Islamic Revolutionary Guard Corps (“IRGC”). The Alert supplements…
OFAC Continues “Economic Fury” Campaign Against Iran
On April 28, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) took a series of Iran-related actions as part of the Administration’s “Economic Fury” campaign of exerting maximum pressure against Iran. Specifically, OFAC (1) issued…
Inflation Adjustment for Federal Civil Monetary Penalties Nixed for 2026
On April 17, 2026, the Office of Management and Budget (“OMB”) issued Memorandum M‑26‑11 announcing that there will be no annual inflation adjustment to federal civil monetary penalties (“CMPs”) for the calendar year 2026. (For prior annual CMP adjustments, see…
OFAC Issues Advisory on Sham Transactions and Sanctions Evasion
On March 31, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued a Sanctions Advisory to raise awareness of potential sanctions risks arising from sham transactions used to evade sanctions. The advisory presents examples and…
China Introduces New State Council Decrees on Supply Chain Security and Countering Unjustifiable Extraterritorial Measures
China has issued two State Council decrees that further develop its legal and institutional framework for responding to foreign measures applied on an extraterritorial basis and for safeguarding the security of industrial and supply chains.
- State Council Decree No. 834,
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