Sanctions Watch | Weekly Vol. 167

Sanctions Watch Vol 167

In the latest edition of our Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments.

U.S. Treasury Issues General License 12 Allowing Wind-Down of Transactions Involving ICC-Related Sanctioned Persons

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License No. 12 under the International Criminal Court-Related Sanctions Regulations (ICCSR), 31 CFR Part 528. The license authorizes transactions that are ordinarily incident and necessary to wind down dealings involving certain blocked persons.

The authorization specifically covers transactions involving Abdoulaye Seye, Tomoko Akane, and entities in which either or both individuals own, directly or indirectly, individually or in aggregate, a 50% or greater interest. Any payment made to a blocked person under the authorization must be placed into a blocked interest-bearing account located in the United States in accordance with the ICCSR.

General License 12 is limited to wind-down activity and does not broadly remove the applicable sanctions. Transactions otherwise prohibited under the ICCSR—including dealings involving other blocked people remain prohibited unless separately authorized by OFAC.

U.S. Treasury Extends Authorization for Lukoil International Sale Negotiations and Wind-Down Activities

OFAC issued General License No. 131I under the Russian Harmful Foreign Activities Sanctions Regulations. The license authorizes certain negotiations and contingent contracts concerning the sale, disposition, or transfer of Lukoil International GmbH (LIG) and qualifying LIG entities through September 19, 2026. Performance of such contracts requires separate OFAC authorization. It also permits certain transactions necessary for maintaining or winding down LIG Entities’ operations and agreements through the same deadline.

The license does not generally unblock property or permit transfers of funds to persons or accounts located in the Russian Federation. GL 131I supersedes General License No. 131H

U.S. Treasury Expands Venezuela Telecommunications Authorizations Through New OFAC General Licenses

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General Licenses No. 61 and 62, providing new authorizations for telecommunications-related activities and investment in Venezuela under the Venezuela Sanctions Regulations.

General License 61 authorizes certain transactions involving the provision by U.S. persons or from the United States of goods, technology, software, and services needed to install, maintain, repair, upgrade, operate, or support telecommunications in Venezuela. The authorization can cover transactions involving the Venezuelan government, including CONATEL and CANTV, subject to specified contractual requirements. It also covers activities such as payments, logistics, infrastructure leases, submarine cables, and related software and services.

General License 62 separately authorizes negotiations and entry into contingent contracts for new telecommunications investment in Venezuela, including establishing new service providers, expanding existing operations, and forming new joint ventures or entities. Actual performance of these contracts requires separate OFAC authorization.

Both licenses maintain important restrictions, including prohibitions concerning specified persons connected to Russia, Iran, North Korea, Cuba, and China, and do not generally authorize the unblocking of property under the Venezuela sanctions program.

Switzerland Implements EU’s 20th Russia Sanctions Package, Tightening Energy, Trade, and Financial Restrictions

The Switzerland’s Federal Council decided to implement additional measures from the EU’s 20th sanctions package against Russia, effective 20 August 2026, in response to Russia’s ongoing war against Ukraine. Switzerland had already added 115 individuals and entities to its sanctions list on 22 May, bringing the total number subject to asset freezes in connection with the war to around 2,790.

The new measures strengthen restrictions across the energy, trade and financial sectors. Energy measures include new service bans concerning LNG tankers, icebreakers and Russian LNG terminals, alongside a ban on selling tankers to Russia. Tanker-sale contracts with third countries must include provisions preventing subsequent transfers to Russia.

Switzerland is also activating the Anti-Circumvention Tool for the first time, prohibiting exports of certain sensitive goods to the Kyrgyz Republic. Additional export and import restrictions target goods supporting Russia’s military, technological and industrial capabilities or generating significant revenue.

Financial measures prohibit the use of Russian crypto-asset transfer and exchange platforms and support for certain Russian cryptocurrencies, including the digital Rouble. Further measures seek to protect Swiss companies’ intellectual property and shield them from abusive Russian court rulings, while extending restrictions on accepting Russian government grants to research, innovation and educational institutions.

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Sanctions Watch is a weekly recap of events and news related to sanctions around the world.