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Key facts
Source:UK OFSI (UK HM Treasury, Open Government Licence v3.0)
The UK’s Office of Financial Sanctions Implementation (OFSI) has updated its statutory guidance regarding the sanctions regime targeting Iran. These updates, which reflect the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024, are designed to strengthen enforcement powers, improve intelligence gathering on industry compliance, and clarify existing financial sanctions legislation.
The sanctions regime targets specific individuals, businesses, and organizations listed on the UK Sanctions List. Measures against these designated persons include asset freezes, travel bans, director disqualification, and prohibitions on providing economic resources. Additionally, certain specified vessels may be subject to sanctions under these regulations.
The scope of the restrictions extends to the export and transfer of specific goods and technologies to Iran or persons connected to the country. Prohibitions are in place for items related to internal repression, the monitoring and interception of telecommunications, and goods of strategic concern. Recent amendments to the 2023 Iran Regulations specifically aim to disrupt Iran’s missile and Unmanned Aerial Vehicle (UAV) industries by prohibiting the supply of technology used to produce advanced conventional weapons, as well as related technical assistance and financial services.
The update also highlights structural changes in UK sanctions administration. The Office of Trade Sanctions Implementation (OTSI) assumed responsibility for civil enforcement in October 2024. As part of this transition, OTSI has launched a new service for applying for sanctions licenses related to the provision of services, while applications for goods-related export licenses will continue to be processed through the SPIRE system.
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Disclaimer. Strait Up Maritime aggregates and summarises sanctions-related news from public-domain government sources (US Treasury OFAC, UK OFSI). Summaries are generated automatically by AI and may contain inaccuracies. We do not warrant the accuracy, completeness, or timeliness of any content on this page. Strait Up Maritime is a journalism and information service — it is not a substitute for legal counsel, regulatory advice, or official sanctions verification. Use of this content is governed by our Terms of Use and News Aggregation Policy.