Partner Richard Cannon comments on UK sanctions targeting crypto networks, in New Law Journal

Partner Richard Cannon comments on the UK government’s recently announced sanctions targeting crypto and illicit finance networks used to support Russian sanctions evasion.

Richard’s comments were published in New Law Journal, 27 May 2026.

“Today’s announcement underscores the central role lawful, targeted sanctions play in countering illicit finance. However, designations carry severe commercial and reputational consequences and must rest on clear, cogent and verifiable evidence, applied with precision and proportionality. There must be no trial by press release. The presumption of innocence and due process standards apply equally in the sanctions context, and any measures should be transparent, reasoned and capable of effective challenge.

“Those who find themselves named or otherwise affected should promptly seek specialist legal advice, preserve relevant records, and engage constructively with OFSI and the appropriate authorities to clarify their position and, where justified, seek variation or delisting.

“Cryptoasset firms, payment providers and banks must now revisit their risk assessments, screening processes, and escalation procedures to ensure timely compliance with UK sanctions while avoiding over-de‑risking that may harm lawful activity. Clear guidance and consistent application are essential to ensure that enforcement remains both effective and fair. The rule of law requires nothing less.”