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.

1. Russia Sanctions

2. Iran Sanctions

  • UK Court of Appeal refuses application to strike out Iran sanctions claim: On June 17, 2024, the UK Court of Appeal dismissed Standard Chartered plc’s (“SC”) appeal against a 2023 High Court decision relating to a long-standing case that SC had violated US sanctions in a more widespread way that previously admitted. More than 200 investors are suing SC for allegedly untrue statements concerning its sanctions non-compliance between 2007 and 2019. In 2019, the London-based bank agreed to pay $1.1 billion to US and UK authorities over transactions which breached sanctions against Iran and other countries. However, the investors allege "industrial-scale sanctions non-compliance" by SC beyond what the bank admitted to regulators. (StanChart loses bid to cut US sanctions breach claims from UK lawsuit | Reuters;

3. Libya Sanctions

4. Other sanctions