UK Weekly Sanctions Update - Week of January 26, 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.

Russia sanctions

• UK Government updates one entry on the UK Sanctions list under the Russia regime: On January 27, 2026, the UK Government amended the entry for LLC Rusneftegaz Group under the Russia regime. This entity remains subject to an asset freeze and trust services sanctions. (Notice_Russia_270126.pdf)
• OFSI fines Bank of Scotland £160,000 for breaching Russia sanctions: On January 26, 2026, OFSI published a notice regarding a penalty of £160,000 imposed on the Bank of Scotland for breaches under the Russia regime. Between 8 February and 24 February 2023, the Bank of Scotland processed 24 payments, totalling £77,383.39, to or from a personal current account held by a sanctioned individual. OFSI concluded that the processing of these 24 payments breached regulation 11 (dealing with funds) and regulation 12 (making funds available) of the Russia (Sanctions) (EU Exit) Regulations 2019 (Penalty_Publication_Notice_LBG_2026.pdf)

Korean sanctions

• UK Government updates one entry on the UK Sanctions list under the Democratic People’s Republic of Korea (DPRK) regime: On January 27, 2026, the UK Government corrected the entry for Su Gwang Kim under the DPRK regime. This individual remains subject to an asset freeze. (Notice_Democratic_Peoples_Republic_of_Korea_270126.pdf)

Iran (nuclear) sanctions

• UK Government updates one entry on the UK Sanctions list under the Iran (Nuclear) regime: On January 27, 2026, the UK Government corrected the entry for Bank Saderat Iran under the Iran (Nuclear) regime. This entity remains subject to an asset freeze. (Notice_Iran__Nuclear__270126.pdf)

Syria sanctions

• UK Government updates one entry on the UK Sanctions list under the Syria regime: On January 27, 2026, the UK Government corrected the entry for Houmam Jazai’iri under the Syria regime. This individual remains subject to an asset freeze. (Notice_Syria_270126.pdf)

Other

• OFSI publishes response on improving civil enforcement processes for financial sanctions: On January 29, 2026, OFSI published the response to its July-October consultation, which sought views on proposed measures to enhance the effectiveness of its civil enforcement processes for financial sanctions and the Oil Price Cap. The response outlines a revised enforcement framework that will, according to OFSI “support compliance, give firms greater certainty and ensure our approach to enforcing financial sanctions is fair, effective and robust”. These changes apply only to OFSI’s civil enforcement powers. https://assets.publishing.service.gov.uk/media/697b5944f8f4a746d9572f12/Consultation_Response.pdf; and https://ofsi.blog.gov.uk/2026/01/29/new-and-updated-enforcement-framework-a-message-from-giles-thomson-director-of-ofsi/)
• OFSI and partners clamp down on the abuse of crypto assets: On January 28, 2026, OFSI announced its collaboration with the Crypto Cash Fusion Cell (CCFC) to target criminal funds linked to sanctions offences. The CCFC is a multiagency initiative that brings together the National Crime Agency, the Metropolitan Police Service, His Majesty’s Revenue and Customs, the Financial Conduct Authority, City of London Police and OFSI. This multiagency initiative aims to improve how the UK enforcement and regulatory community identifies, understands and responds to criminal abuse of cryptoassets. (OFSI and partners clamp down on the abuse of cryptoassets – Office of Financial Sanctions Implementation)

Closure of the OFSI Consolidated List and the transition to a single list for UK Sanctions

• UK Government’s financial sanctions guidance updated as UK Sanctions List becomes authoritative source: The UK government’s sanctions lists changed to a single list on Wednesday 28 January 2026. UK sanctions designations are now only detailed in the UK Sanctions List (UKSL), published by the Foreign, Commonwealth and Development Office. The Consolidated List of Asset Freeze Targets, which was published for HM Treasury by the Office of Financial Sanctions Implementation (OFSI) is no longer being updated. (https://www.gov.uk/guidance/moving-to-a-single-list-for-uk-sanctions-designations-28-january-2026)