The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2024/4761108 to: (1) add a new definition of ‘cryptoasset’, defined as a  cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically and (2) include a new reporting requirement for anyone using cryptoassets to make or receive a payment under the General Licence.

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2024/5394840, which permits relevant institutions to process payments made in 2022 from or via a designated credit or financial institution, provided that the original sender and original intended recipient are not designated persons. The updates: (1) extend the licence expiry date to 7 November 2027; (2) amend the definition of a designated credit or financial institution; and (3) amend the reporting conditions. Under the amended reporting requirements, relevant institutions must report to HM Treasury within 14 days of the end of each calendar month, providing details of any payments processed under the licence during that period. Reports must include the amounts processed, the names of the original sender and original intended recipient, account names at the final institution in the payment chain, the payment route used and the processing dates.

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2025/7328184 to include definitions of the Welsh Revenue Authority and Revenue Scotland.

The Office of Financial Sanctions Implementation and HM Treasury have updated General Licence INT/2022/2470156 on Oil Price Cap Exempt Projects and Countries and its associated publication notice. The amendment extends the expiration date of the Schedule 1 Exempt Projects, Sakhalin-2 Project, to 28 June 2025.

On 24 March 2025, General Licence INT/2022/1947936 was amended to remove Rosbank PJSC and Tinkoff Bank from Annex I; and to add TBank to Annex I. General Licence INT/2022/2085212 was amended such that Rosbank PJSC has been removed from the definition of Sanctioned Banks; and TBank has been added to the definition of Sanctioned Banks.

The Office of Financial Sanctions Implementation (OFSI) has updated General licence INT/2023/3781228 on payments to local authorities. The licence has been updated to add a permission to the list of permitted payments for the payment of fees owed by or due from UK designated persons to local authorities for Business Improvement District levies.

The Office of Financial Sanctions Implementation (OFSI) has updated its guidance for High Value Dealers and Art Market Participants, with amendments to section 2.1 and the addition of a new factsheet. The guidance covers areas including common evasion practices, due diligence requirements, reporting obligations, licensing procedures, compliance and penalties and ownership and control considerations. The updated materials aim to provide clarity on UK financial sanctions implementation for these sectors.

The Office of Financial Sanctions Implementation (OFSI) has updated the Oil Price Cap General Licence–INT/2024/4423859 and the associated publication notice. The update excludes the supply or delivery of Russian oil by, or provision of relevant services to, ‘specified ships’.

The Office of Financial Sanctions Implementation (OFSI) has amended General Licence INT/2025/7363752. The amendment adds regulations 17A (investments in relation to Iran) and 17C (insurance and reinsurance services) of the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, SI 2019/461 as prohibitions listed at paragraph 2. Both regulations came into force on 29 September 2026. The licence permits Persons and Relevant UK Institutions to undertake activities necessary for the continued operation of the Shah Deniz Project, subject to its conditions.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding FAQ 172, which addresses the treatment of funds allocated by International Central Securities Depositories (ICSDs) following seizures by the designated National Settlement Depository (NSD). FAQ 172 clarifies that UK financial institutions do not require an OFSI licence to receive or handle such funds, provided that: (1) the NSD has no ownership or control over the funds; (2) no funds are made available to designated persons; and (3) no other financial sanctions are engaged. OFSI has also amended FAQ 53 on ‘Which sanctions regimes are covered by the Legal Services General Licence?’ and moved FAQs 7 and 49 to the withdrawn FAQs document.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding FAQ 153, which explains how OFSI applies the term 'domiciled' in financial sanctions legislation.

The Office of Financial Sanctions Implementation (OFSI) has updated its UK Financial Sanctions FAQs, adding FAQ 149 on ‘What constitutes an economic resource?’, FAQs 150–151 relating to Crown Dependencies and Overseas Territories and FAQ 152 on ‘When should securities held at designated local Russian registrars be reported to OFSI?’. Additionally, FAQs 123–124 have been moved to the withdrawn FAQs document.