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 updates guidance on Financial Sanctions Enforcement to reflect the Government's 2025 Consultation Outcome: On February 9, 2026, OFSI revised its Financial Sanctions Enforcement and Monetary Penalties guidance following its civil enforcement consultation (July–October 2025). Key changes include the introduction of an Early Account Scheme (up to 20% penalty reduction), a Settlement Scheme (20% discount), and a financial hardship policy. The case assessment framework now features a four-level seriousness model with updated factors, and penalty calculations incorporate discounts of up to 30% for voluntary disclosure and cooperation. Fixed monetary penalties of £5,000 and £10,000 have been introduced for information, reporting, and licensing offences. (Financial sanctions enforcement and monetary penalties guidance - GOV.UK)
Russia sanctions
- OFSI amends General Licence for the continuation of business operations with the Lukoil Bulgaria Entities under the Russia regime: On February 10, 2026, OFSI extended General Licence INT/2025/7895596 until August 13, 2026. The licence permits certain persons to continue business operations with the Lukoil Bulgaria entities and their subsidiaries, including payments under existing or new contracts and the provision and receipt of economic resources. OFSI also updated FAQ 173 to reflect the extended expiry date. (General_Licence_Lukoil_Bulgaria_INT.2025.7895596_Feb_2026.pdf; Publication_Notice_Lukoil_Bulgaria_INT.2025.7895596_Feb_2026.pdf).
- UK Government varies an entry on the UK Sanctions List under the Russia regime: On February 13, 2026, the FCDO amended the listing for Saodat Narzieva, sister of Alisher Usmanov, who is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 and was designated by the UK on March 3, 2022. The variation removes the reference to Narzieva "obtaining a financial or other material benefit from Usmanov". Narzieva remains subject to sanctions. (Sanctions Notice, Russia, 13 February 2026; The UK Sanctions List - GOV.UK).
- UK Government corrects an entry on the UK Sanctions List under the Russia regime: On February 10, 2026, the FCDO amended the listing for the vessel Lunar Tide (IMO 9277735) under the Russia sanctions regime. The vessel is designated for involvement in activities that destabilise Ukraine, undermine its territorial integrity, sovereignty or independence, or benefit or support the Russian Government—specifically, transporting Russian-origin oil or oil products to third countries. The vessel remains subject to shipping sanctions. The correction removed Tazmania as the vessel's believed flag. (Sanctions Notice, Russia, 10 February 2026; The UK Sanctions List - GOV.UK).
Myanmar sanctions
- UK Government corrects an entry on the UK Sanctions List under the Myanmar regime: On February 10, 2026, the FCDO amended the listing name for Sky One Construction Company Ltd under the Myanmar sanctions regime. The entity is designated for providing funds and economic resources to the Myanmar Security Forces, who committed serious human rights violations and repressed the civilian population in 2017. Sky One Construction Company Limited remains subject to sanctions. (Sanctions Notice, Myanmar, 10 February 2026; The UK Sanctions List - GOV.UK).
Other
- UK Government adds new search tool user guide for the UK Sanctions List: On February 12, 2026, the FCDO published a user guide for the UK Sanctions List search tool, explaining its functions, features, and operation. The search tool enables users to identify individuals, entities, and ships subject to UK sanctions (designated persons and specified ships). (UK Sanctions List search tool: user guide - GOV.UK).
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