The Export Control & Sanctions Watch Edition 24
- Annkaren Wambui
- Jun 25
- 4 min read
š Iran Oil Window Opens | Prince Group Sanctions Expand | OFAC & OFSI Compared
The Export Control & Sanctions WatchSummary:Ā Sanctions policy is evolving at an unprecedented pace, requiring businesses to remain vigilant across multiple jurisdictions. This week's Export Control & Sanctions WatchĀ examines the temporary reopening of Iranian oil trade under a new U.S. General Licence, the expansion of sanctions targeting the Prince Group network and Cuban entities, and a new comparative guide highlighting important differences between the U.S. OFAC and UK OFSI sanctions regimes. Together, these developments reinforce why sanctions compliance now demands continuous monitoring, robust screening, and a clear understanding of jurisdictional differences. š„ Read the latest edition here (PRO Subscription required) |
What Is Covered In This Week's Export Control & Sanctions Watch?
This week's edition of The Export Control & Sanctions WatchĀ examines:
šØ USA: OFAC Temporarily Reopens Iranian Oil Trade
In one of the week's most surprising developments, the U.S. Treasury's Office of Foreign Assets Control (OFAC) issued General Licence X, temporarily authorising certain transactions involving Iranian-origin crude oil, petrochemicals, and petroleum products until 21 August 2026.
While the licence creates a limited opportunity under U.S. jurisdiction, EU and UK sanctions remain fully in force, creating significant compliance considerations for multinational organisations.
The Export Control & Sanctions WatchĀ explains what the licence covers, who may rely upon it, and why businesses should carefully assess jurisdiction before taking action.
šØ USA: Prince Group & Cuban Sanctions Expansion
OFAC has significantly expanded sanctions against the Prince Group network, adding numerous individuals and entities across Cambodia, the United Kingdom, Hong Kong, Singapore, Thailand and Cuba.
These new designations reinforce the importance of sanctions screening, ownership analysis, and due diligence across increasingly complex international business networks.
Discover the practical implications in this week's Export Control & Sanctions Watch.
š US & UK Sanctions: Similar Objectives, Different Rules
Although OFAC and OFSI continue to strengthen cooperation, businesses should not assume that the U.S. and UK sanctions regimes operate identically.
A new joint comparative guide highlights important differences relating to ownership thresholds, control tests, record-keeping requirements, voluntary disclosures, and enforcement approaches.
This week's Export Control & Sanctions WatchĀ explains why understanding these differences remains essential for organisations operating across multiple jurisdictions.
Overview Of What We Cover In The Export Control & Sanctions Watch This Week
Topic & Regulatory Update | Key Takeaway for Businesses | Action To Take |
OFAC General Licence X | Temporary relief creates a limited compliance window for Iranian oil trade. | Read the latest edition of The Export Control & Sanctions Watch. |
Prince Group Sanctions Expansion | Expanded sanctions increase the importance of screening and ownership analysis. | Read the latest edition of The Export Control & Sanctions Watch. |
OFACāOFSI Comparative Guide | U.S. and UK sanctions rules differ in important operational areas. | Read the latest edition of The Export Control & Sanctions Watch. |
There is much more to discover in The Export Control & Sanctions Watch.
In addition to the above, we examine new sanctions targeting ISIS financing networks, the UK Prince Group Insolvency General Licence, the wind-down authorisation for Cambodia's CCU Commercial Bank, OFAC's latest Russia delistings, and practical guidance to help businesses strengthen sanctions compliance across multiple jurisdictions.
If you don't want to risk missing critical sanctions developments while everyone else is busy doomscrolling, perhaps now is the time to start your free 30-day trial.
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Author
Ann KarenĀ | Head of Growth - Customs Manager Ltd.
Updated: June 26, 2026
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