UK Weekly Sanctions Update - Week of January 12, 2026

Russia

• UK Government amends one entry to the UK sanctions list under the Russian regime: On January 16, 2026, OFSI amended the entry for John Michael Ormerod on the UK sanctions list under the Russia regime. This individual is still subject to an asset freeze and trust services sanctions. (Notice_Russia_160126).
• OFSI amends General License for Maritime Services Ban and Oil Price Cap: On January 15, 2026, OFSI amended General Licence INT/2024/4423849, which permits the supply or delivery by ship of Russian crude oil and oil products, as well as provision of associated services, so long as the price paid for Russian oil or oil products is at or below a price cap. The cap will be reduced from USD 47.60 per barrel to USD 44.10 per barrel effective from 23:01 GMT on 31 January 2026. The amendment also includes a transitional wind-down provision for any trades with an effective date of contracts before 23:01 GMT on 31 January 2026 that comply with the old cap of USD 47.60, ending 22:59 BST on 16 April 2026. On the same day, OFSI updated several related FAQs (FAQs 154-158 and 161) to align the guidance with the new price cap level. Lastly, the lowering of the cap was also reflected in the Maritime Services Ban and Oil Price Cap industry guidance. (Oil_Price_Cap-INT.2024.4423849-General_Licence-Amendment_of_15_January_2026 ; UK-Financial-Sanctions-FAQs ; UK-Maritime-Services-Ban-and-Oil-Price-Cap-Industry-Guidance).