Category: Sanctions

An Iranian businessman sanctioned by the U.S. this week for allegedly financing a massive oil-smuggling network owns 25 million British pounds ($33.46 million) in luxury London real estate, newly uncovered property records show. On Tuesday, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Iranian businessman Hossein Ghorbani Zahed as part of a broader package of measures targeting the “illicit shipping and sanctions evasion network” of oil distribution magnate Mohammad Hossein Shamkhani. Treasury Secretary Scott Bessent said that the action against the Shamkhani network, first sanctioned in July 2025, was part of “ongoing efforts to ramp up economic pressure…

The U.K. announced a fresh wave of sanctions on Tuesday targeting individuals and entities involved in manufacturing drones used in Russia’s military operations in Ukraine. The Foreign, Commonwealth & Development Office (FCDO) has imposed 35 new designations aimed at individuals and various entities that it alleged bolstered Russia’s drone production capabilities and facilitated the exploitation of migrants, it said in a press statement. “These sanctions expose and disrupt the operations of those trafficking migrants as cannon fodder and feeding [Russian President Vladimir] Putin’s drone factories with illicit components to target innocent civilians and vital infrastructure,” said U.K. Sanctions Minister Stephen…

Since October, Cambodia’s Prince Group has been under siege from authorities around the world, including the U.S. which dubbed it a “transnational criminal organization.” Japanese authorities have so far remained silent, but flight and property records show that directors of several firms linked to the Prince Group have established a footprint in that country too. In its October 14, 2025, sanctions announcement, the U.S. alleged that the Prince Group operated “industrial scale cyberfraud operations” in Cambodia, which were run out of “compounds reliant on human trafficking and modern-day slavery.” A Prince Group spokesperson dismissed allegations against the conglomerate and its…

The U.S. Department of the Treasury’s Office of Foreign Assets Control announced this week that Adani Enterprises Limited agreed to pay $275 million to settle allegations tied to 32 apparent violations of U.S. sanctions on Iran after importing liquified petroleum gas that American authorities say actually originated there. According to OFAC, the Ahmedabad-based conglomerate purchased LPG shipments between November 2023 and June 2025 through a Dubai-based supplier that presented the cargo as originating from Oman and Iraq. U.S. authorities say the operation was, in practice, a sanctions evasion pipeline moving Iranian product into the Indian market while routing payments through…

The EU widened its sanctions regime against Iran to target individuals and entities involved in Tehran’s actions disrupting navigation in the Middle East, particularly in the Strait of Hormuz, the European Council said on Friday. In its statement, The council said that the updated framework will allow the bloc to introduce restrictive measures, such as travel bans through EU territories and asset freezes, against those linked to Iran’s actions “threatening the freedom of navigation” in the region. Under the new measures, EU citizens and businesses are prohibited from providing funds, financial assets, or economic resources to designated individuals or entities.…

The U.K. government this week lifted sanctions against a British financier who purchased ships that later became part of Russia’s so-called shadow fleet, following his public warning that others should avoid any business dealings that could support Moscow. John Michael Ormerod, 75, was added to the U.K. sanctions list in May 2025 after acquiring dozens of second-hand tankers that Lukoil, Russia’s second-largest oil producer, used to transport billions of dollars’ worth of oil. In a February statement, Ormerod said the designation — a rare case of a Western government sanctioning one of its own citizens — had a “devastating impact”…

Crime syndicates and hostile states — specifically Russia, North Korea and Iran — are increasingly turning to cryptocurrency to launder money and evade sanctions, according to a new report that estimates $350 billion has been laundered globally between 2005 and 2025. The study, Confronting the Illicit-Finance Hydra in Crypto Markets: Protecting Retail Investors and Disrupting Hostile Government Exploitation, examined 164 documented money-laundering cases over the past two decades. It found that cryptocurrency has enabled designated individuals, terrorist groups and entire countries to sidestep sanctions and “process billions of dollars, either voluntarily or involuntarily.” In an interview with Organized Crime and…

An alleged member of Prince Group — the Cambodia-based conglomerate the U.S. calls a “transnational criminal organization” — owns at least $17-million worth of London properties, company and land records show. Yang Jian was named in a sanctions notice last year in a list of 146 U.S. Department of the Treasury targets for alleged online fraud and human trafficking by the Prince Group. Records show that Yang Jian purchased a dozen house units and at least 17 car parking spaces in an adjoining garage through a U.K. company he established with his Cypriot passport in December 2021. Conveyancing documents filed…

In the world of maritime trade, some ships play a dangerous game of hide-and-seek. They rapidly change flags, shift ownership, and even cut their tracking systems mid-voyage. These “dark fleet” tactics are often employed by vessels involved in nefarious activities such as sanctions evasion, arms trafficking or illegal fishing. At first sight, the trail of such ships can appear hard to follow. Yet the evidence is often still there, scattered across open sources. With perseverance, it can be possible to uncover more information about who is behind these shadowy vessels. As an example, we’ll walk you through some of the…

IntroductionThe 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. It is available for reference purposes on its old page. This guidance is to help you understand manage the change, in particular for businesses and industry that regularly use the UK Sanctions List and the OFSI Consolidated List…

Key Takeaways Two major OFAC Penalties: Treasury imposed more than $18 million in sanctions fines this week over prohibited dealings involving designated Russian oligarchs.IPI Partners Case: The private equity firm continued to process capital calls, distributions, and management fees tied to Suleiman Kerimov for four years after his April 2018 designation, resulting in 51 apparent violations and an $11.49 million settlement.Gracetown Violations Deemed Egregious: The New York property manager received 24 monthly payments linked to Oleg Deripaska and waited over 45 months to report blocked property, triggering a $7.14 million civil penalty.Compliance Lessons Emphasized: OFAC warned that firms must look…

In a bid to protect its citizens from human trafficking and cyber scams, South Korea imposed sanctions today on 132 entities and 15 people it said were part of a criminal network based in Cambodia. The government said in a statement that these were its “first-ever autonomous sanctions targeting transnational crime.” The list of sanctioned entities and individuals largely replicated actions by the U.S. and U.K., which together announced a sanctions package last month targeting the “Prince Group Transnational Criminal Organization.” “Among those designated are individuals and entities connected to the Prince Group, which developed and operated massive scam compounds……

For the past eight years, Russia and its fellow U.N. Security Council members have maintained economic sanctions on North Korea over its nuclear testing, including severe restrictions on selling crude oil and refined petroleum exports to the isolated dictatorship. The 2017 sanctions limit total exports of oil products to North Korea to 500,000 barrels per country per year. But an investigation last year by the Open Source Center, a U.K.-based research group, estimated that Russia shipped more than double the annual limit to North Korea over just nine months last year. That investigation was based on satellite imagery that, according…

At the request of the European Public Prosecutor’s Office (EPPO) in Bologna and Naples (Italy), the Italian Financial Police (Guardia di Finanza) in Naples carried out preventive seizures today, in an investigation into a €260 million VAT fraud scheme involving a criminal network alleged to have imported fuel to the Italian market while systematically evading VAT. The seized assets belong to the company owned by the ringleader of the criminal network, an entrepreneur from Campania, who had been convicted at first instance on 15 October and sentenced to eight years in prison and a fine of €8 600, along with…

FSI Annual Review 2024 to 2025: Effective Sanctions The review includes information on: ComplianceCapabilityEnforcementAnnual Frozen Asset Review 2024Frozen Asset In-Year Reporting, February 2022 to August 2025 Article Credit: https://www.gov.uk/government/publications/ofsi-annual-review-2024-25-effective-sanctions

The European Securities and Markets Authority (ESMA) has released its second consolidated report on sanctions and measures imposed across the EU’s financial markets in 2024, and while the pace of enforcement held steady, the price of wrongdoing climbed steeply. Across 29 European Economic Area (EEA) countries, regulators issued 975 administrative sanctions and measures, almost identical to 2023’s 976. But the value of those fines jumped from €71 million to more than €100 million, suggesting national authorities are turning to larger penalties to drive compliance rather than expanding enforcement volume. Once again, the Market Abuse Regulation (MAR) and the Markets in…

China has called on the United Kingdom to immediately drop the newly imposed sanctions against 11 Chinese entities accused of supporting Russia’s energy sector, state news agency CGTN reported Thursday. Beijing protested the designations, stating that the unilateral sanctions “have no basis in international law [and] undermine the legitimate rights and interests of Chinese enterprises,” a spokesperson for the Chinese Embassy in the U.K. said. The appeal comes after London announced on Wednesday what it described as its “strongest” sanctions package to date against Russia, directly targeting oil giants Rosneft and Lukoil. The package also targets individuals and entities allegedly…

CITY OF LONDON–Senior executives from Russia’s mainstream banking sector have joined an avowedly sanctions-proof crypto and payments firm at the heart of the Kremlin’s strategy to disrupt the West, leaked documents show. The documents reveal, in granular detail, the emerging sanctions evasion tactics and election interference campaigns run by fugitive Moldovan businessman Ilan Shor, who is backed by the Kremlin – as well as the significant amount of financial and human resources the 38-year-old tycoon appears to have at his command. Those resources include ex-department chiefs from large banking institutions such as Russia’s Sberbank, state development bank Vnesheconombank (VEB) and…

The U.S. has sanctioned a Chinese oil terminal operator that played a central role in an Iranian sanctions evasion network first exposed by investigative journalists in 2020. The sanctions, announced by the Treasury Department’s Office of Foreign Assets Control (OFAC), targeted multiple individuals and entities accused of helping Iran’s oil and energy sector finance alleged terrorist activities. Among the most prominent is Zhoushan Jinrun Petroleum Transfer Co., Ltd., a private terminal operator based in eastern China’s Zhejiang province. The company is controlled by Herun Group, a conglomerate led by Yu Songbo, once ranked among China’s wealthiest businessmen. The State Department…

According to the investigation, the water treatment equipment was received by Russian oil industry enterprises.The criminal service of the Lithuanian Customs Department reported the detention of 11 people on suspicion of violating the regime of international sanctions against Russia. The agency said in a statement that it had uncovered “a particularly audacious scheme to circumvent international sanctions against Russia”. The operation was carried out in co-operation with law enforcement agencies in Portugal and Bulgaria and in co-ordination with Eurojust and Europol. According to the investigation, the company developed a complex shadow scheme to supply Russia with water treatment equipment intended…

A Belarusian state fertilizer company under European Union sanctions has found a way around the export ban by leasing its production lines to intermediary firms that pose as manufacturers, according to an investigation by the Belarusian Investigative Center (BIC). Some fertilizer produced by the sanctioned enterprise is shipped into the EU through Latvia using documentation that obscures its true origin. A leaked government document obtained by BIC confirms the government’s role in setting up the scheme to help the fertilizer company in “overcoming sanctions.” According to the leaked document, the government-backed scheme involves “special exporters,” which lease production facilities from…

Brussels has approved its most comprehensive sanctions package yet against Russia, marking the 18th wave of EU action since the start of the war in Ukraine. The new measures aim to ratchet up pressure on the Kremlin’s energy revenues, financial lifelines, and military-industrial backbone, while also closing loopholes and clamping down on sanctions evasion through third countries and shadow networks. The package introduces a dynamic new oil price cap, cutting the ceiling for Russian crude from $60 to $47.60 per barrel and tying future adjustments to market averages, ensuring the price remains 15% below the six-month benchmark for Urals crude.…

A business associate of the oligarch Roman Abramovich has failed to overturn sanctions imposed on him after Russia’s invasion of Ukraine, after a supreme court judgment seen as a test case for the UK’s sanctions regime. Eugene Shvidler served on the board of companies owned by the former owner of Chelsea football club and now lives in the US. He was placed under sanctions by the UK government in March 2022 as part of measures to target Russia-linked oligarchs and officials after Vladimir Putin ordered the invasion of Ukraine. Shvidler, who was born in the USSR in 1964, grew up…

The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML) for a breach of UK financial sanctions imposed against Russia following the 2014 annexation of Crimea. The breach relates to MML’s involvement in the making of a payment of £416,590.92 to a designated person, who remains subject to an asset freeze under current Russia sanctions. This payment was in breach of the UK sanctions in force at the time in response to Russia’s annexation of Crimea. MML gave instructions to make the payment from another company’s bank account with the knowledge that…

Three years after blacklisting him, the United Kingdom has lifted sanctions on Slobodan Tešić, one of the Balkans’ most powerful arms dealers, Serbian investigative outlet KRIK reported. Tešić remains under U.S. sanctions imposed in 2017 for alleged corruption and illegal arms deals. The British government did not disclose why it removed the restrictions against him last week. The arms dealer was added to the U.K. sanctions list in December 2022 for allegedly bribing Bosnian officials, including the late chief prosecutor Milorad Barašanin and former security minister Selmo Cikotić. The longtime arms broker has denied the accusations, calling them part of…

The U.S. House of Representatives has passed a bill authorizing sanctions against members of the Georgian government who pose a threat to the country’s stability, security, and democratic development. After Congress approved it on Monday, the bill — called the Megobari Act which means “friend” in Georgian — will now move to the Senate for debate and a vote. If approved in the Senate, it will be sent to U.S. President Donald Trump for final approval and signature into law. “The passage of the MEGOBARI Act sends a strong message to the Georgian people that the U.S. supports them as…

Two months after adopting its 16th sanctions package against Russia, the European Union has backed a 17th round on Wednesday, targeting Russia’s so-called “shadow fleet”—a network of vessels used to evade sanctions and export oil to foreign markets. The new sanctions target 194 ships associated with the shadow fleet, 31 arms supply companies involved in circumventing sanctions, and several banks, according to France’s Foreign Minister Jean-Noël Barrot. Media reports say the package will also include “dozens” of additional individuals linked to Russia’s military and security apparatus. They will be added to the nearly 2,400 people and entities already subject to…

A tanker sanctioned by the U.K. for shipping oil on behalf of Russia is owned by the government of Azerbaijan, corporate documents show. Targeting a state-owned tanker was a warning to Azerbaijan at a time when the oil-rich country has been striking energy deals with the European Union, according to Maximilan Hess, an analyst with the Foreign Policy Research Institute, a U.S. think tank. “It is a clear warning shot across the bow that further Azerbaijani-sponsored efforts to support Russian sanctions evasion carries major risks to Azerbaijan’s diplomatic position and potentially wider economy,” Hess told OCCRP. The sweeping sanctions package…

Switzerland has increased the total value of frozen Russian assets by $1.81 billion over the past year, bringing the total to over $8 billion, as authorities continue to enforce sanctions related to the war in Ukraine. US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s DemocracyOfficials with the ruling Georgian Dream party rejected the move, with the mayor of Tbilisi claiming it was a “deep state” plot. US Sanctions Myanmar Militia Tied to Cyber-Scams, Human TraffickingThe Treasury Department said Americans have lost $5.5 billion to scam operations run from Southeast Asia since 2022. Switzerland has tightened its grip on Russian…

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against a network of Houthi financial facilitators and procurement operatives working in coordination with Sa’id al-Jamal, a senior Houthi financial official backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This network has procured tens of millions of dollars’ worth of commodities from Russia, including weapons and sensitive goods, as well as stolen Ukrainian grain, for onward shipment to Houthi-controlled Yemen. Additionally, OFAC has identified eight digital asset wallets used by the Houthis to transfer funds associated with their activities. “The Houthis remain reliant…

Dmitrii Ovsiannikov, the former Russia appointed Governor of the illegally annexed Ukrainian city of Sevastopol, has become the first person to be convicted for breaching the UK’s Russia sanctions. Dmitrii OvsiannikovOvsiannikov was found guilty of circumventing sanctions regulations and money laundering after receiving £76,000 from his wife and a new Mercedes from his brother. His brother Alexei Owsjanikow was also found guilty of circumventing sanctions regulations, having made economic resources available to Dmitrii. These are the first convictions for enabling a designated person. In 2016, Russian President Vladimir Putin appointed Dmitrii Ovsiannikov as governor of the city of Sevastopol in…