Week of 10 to 16 August 2026
I. International Sanctions
United States: Senate Passes Expanded Sanctions Package Against Russia and Iran
On 7 August 2026, the US Senate passed, by a bipartisan vote of 86 to 11, the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The bill, under discussion since April 2025, authorises the President of the United States to impose tariffs of up to 100% on major purchasers of Russian oil and natural gas, as well as on countries facilitating the circumvention of sanctions targeting Russian oil. It also extends the US sanctions regime against Iran until 2031.
The bill has been transmitted to the House of Representatives, which has begun examining its mirror text without delay despite the summer recess, driven by an unusual bipartisan coalition. The version passed by the Senate grants the President a waiver power over the Russia sanctions component, while maintaining the authority to impose tariff surcharges on the largest importers of Russian hydrocarbons.
Impact for businesses: this mechanism, if adopted by the House, would create a new instrument of extraterritorial tariff pressure — worth monitoring for any structure with flows, even indirect ones, connected to the Russian energy sector.
OFAC: Continued Designations Targeting Iranian Networks and Sanctions Evasion
On 7 August 2026, the Office of Foreign Assets Control (OFAC) of the US Treasury Department sanctioned seven entities and five individuals for their alleged involvement in financial networks, exchange houses and crypto-asset trading platforms linked to Iran. These designations follow on from actions taken since July against the maritime network circumventing Iranian oil sanctions.
In addition, on 3 August 2026, OFAC issued a new general licence relating to Venezuela (GL 5Y), governing certain transactions involving a 2020 Petróleos de Venezuela, S.A. bond bearing 8.5% interest, initially prohibited under Executive Order 13835. This licence extends the deferral of the authorisation provided for under licence GL 5 by approximately six weeks only — a notably shorter extension than the sixty-day extensions usually granted, which could signal that the authorisation is about to take effect.
II. European Union and WTO
Pending Matters
No new developments were identified this week on matters currently undergoing institutional review: Brazil’s complaint before the WTO Dispute Settlement Body against US tariffs, the referral to the CJEU concerning the EU-Mercosur agreement, and the extension of the suspension of EU rebalancing measures adopted at the end of July remain, at this stage, without meaningful procedural developments.
III. Case Law
No ruling from the Court of Justice of the European Union, the Cour de cassation, or decision published in the Official Journal of the European Union specifically concerning international trade law was identified this week as of the date of writing (verification carried out on CURIA, EUR-Lex, Légifrance and courdecassation.fr).
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