UK Weekly Sanctions Update - Weeks of August 3 and August 10, 2026

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 General Licence INT/2025/5635700: On 31 July 2026, OFSI amended General Licence INT/2025/5635700, which permits the continuation of business operations with certain sanctioned entities relating to certain oil projects, to add the Kurdistan Export Pipeline to the list of relevant projects. (PN_August_2026_for_INT.2025.5635700.pdf; GL_August_2026_INT.2025.5635700.pdf).
• OTSI publishes guidance on banknotes trading: On 3 August 2026, OTSI issued guidance on the prohibitions under the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 and the Russia (Sanctions) (EU Exit) Regulations 2019 on supplying banknotes. The guidance explains the prohibitions and the exception for personal use in the context of travel to Russia and Belarus. (Complying with sanctions relating to banknotes - GOV.UK).
• House of Commons Library publishes updates on Russian sanctions: On 3 August 2026, the House of Commons Library published a research briefing entitled “Sanctions against Russia: What has changed since January 2025?”. The briefing notes that since January 2025 the UK has tightened sanctions against Russia, continued to target Russia’s shadow fleet, implemented further measures designed to restrict Russia’s energy revenues and financed the purchase of military equipment for Ukraine using the proceeds from frozen Russian assets. The briefing also notes that the UK government plans to introduce new legislation to target sanctions evasion and the export of goods to third countries which are then re-directed to Russia. (Sanctions against Russia: What has changed since January 2025? - House of Commons Library).
• New sanctions package targeting Russia: On 6 August 2026, the UK sanctioned certain Russian banks, shadow fleet ships, other entities and one individual under the Russia (Sanctions) (EU Exit) Regulations 2019. (UK continues crackdown on Russia with tough new sanctions - GOV.UK; Sanctions Notice).
• SRA publish sectoral risk assessment: On 6 August 2026, the Solicitors Regulation Authority produced a sectoral risk assessment outlining risks that the SRA considers relevant for firms they supervise, which includes a section on sanctions risks. (SRA | Sectoral Risk Assessment - Anti-money laundering, terrorist financing, proliferation financing and sanctions | Solicitors Regulation Authority).
• UK extends Lukoil-related general licences and adds reporting requirement: On 12 August 2026, the UK amended General Licence INT/2025/7895596, which authorises the continuation of business operations with four Lukoil Bulgaria entities, to (inter alia) add a new notification requirement and to extend the term of the General Licence to 29 October 2026. The UK also amended General Licence INT/2025/8031092, which allows the continuation of business operations with Lukoil International GmbH and its subsidiaries, to (inter alia) add a new notification requirement and to extend the term of the General Licence to 26 February 2027. (General_Licence_-_Continuation_of_Business_Lukoil_International-12_August_2026.pdf; Publication_Notice_-_Continuation_of_Business_Lukoil_International--12_Aug_2026.pdf; General_Licence_Lukoil_Bulgaria_INT.2025.7895596_August__2026_amendment.pdf; Publication_Notice_Lukoil_Bulgaria_INT.2025.7895596_August_2026_amendment.pdf).