Regulatory Blog

The National Sanctions Implementation Unit is now established under the Ministry of Finance in Cyprus, and has been set up on 25 July 2025 following the passing of the Establishment of the National Sanctions Implementation Unit and the Implementation of Restrictive Measures and National Sanctions in the Republic Law of 2025.

France, Germany and the UK (the E3) have triggered the "snapback" mechanism under UN Security Council Resolution 2231, escalating diplomatic pressure on Iran regarding its nuclear programme. This decision, announced on 28 August 2025, follows years of escalating Iranian non-compliance with the Joint Comprehensive Plan of Action.

Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here

The UK Overseas Territories and Crown Dependencies have updated their sanctions lists to align with the latest UK measures against Russia.

On 25 July 2025, Cyprus published a new sanctions law, the Criminalisation of Violation of Restrictive Measures Law of 2025. This law replaces the current criminal penalties for sanctions violations with a robust framework to determine the criminal offences and penalties for breaches of EU sanctions and restrictive measures, ensuring stricter compliance and accountability.

On 31 July 2025, the Bermuda Financial Sanctions Implementation Unit introduced a new subscription service to keep supervised entities informed and compliant with evolving sanctions regulations.

Bermuda's commitment to global security is reflected in the framework laid out in its General Guidance on Countering the Financing of Proliferation of Weapons of Mass Destruction. Developed by the Financial Sanctions Implementation Unit, this guidance outlines the critical responsibilities of individuals and entities in combatting proliferation financing and ensuring compliance with Bermuda’s sanctions regime.

On 3 July 2025, the UK Office of Financial Sanctions Implementation issued four new Frequently Asked Questions and withdrew two existing ones.

On 12 June 2025, the European Council adopted a regulation imposing additional tariffs on agricultural products and specific nitrogen-based fertilisers from Russia and Belarus imports that were not previously subject to extra customs duties. This measure aims to reduce the EU's reliance on these imports, diversify supply chains and limit Russia's export revenues.

On 17 July 2025, the Office of Financial Sanctions Implementation introduced new online forms for licence applications, reporting suspected breaches, and other key submissions like frozen asset reporting. This initiative aims to modernise and streamline processes, ensuring faster, more efficient and accessible services.

On 18 July 2025, the European Union adopted its 18th sanctions package against Russia, intensifying economic and individual measures in response to Russia's ongoing aggression against Ukraine. This comprehensive package targets key sectors, including energy, banking, and military industries, while also addressing circumvention tactics and holding Russia accountable for its actions.

On 22 July 2025, the UK, in coordination with the EU, announced a reduction in the crude oil price cap from US$60 to US$47.60 per barrel, effective 2 September 2025. This measure aims to further restrict Russia's oil revenues, a key funding source for its activities in Ukraine, while maintaining global energy market stability. The revised reduction is implemented through an amendment to the relevant UK General Licence.