Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a procurement network responsible for facilitating the illegal export of goods and technology from over two dozen U.S. companies to end-users in Iran, including the Central Bank of Iran (CBI), which is designated for its role in providing financial support to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Hizballah. Among sanctioned firms are an Iranian subsidiary of Iran’s Central Bank that most recently developed the Central Bank Digital Currency platform for the bank; a UAE-based front company, which acquired U.S. tech for the Central Bank of Iran and the front company’s CEO, as well as a Turkey-based affiliate firm that also made purchases that ended up in Iran.
Treasury’s Office of Foreign Assets Control (OFAC) has taken its second price cap enforcement action of 2024, imposing sanctions on four entities and identifying one vessel as blocked property. OFAC is also issuing two new determinations that implement G7 commitments to ban the importation of Russian diamonds.
The Justice Department announced the unsealing of three federal cases, across two U.S. Attorneys’ Offices, as the most recent in a series of efforts to combat the illicit trafficking of Iranian oil that funds Iran’s Islamic Revolutionary Guard Corps (IRGC), and its Qods Force (IRGC-QF), Iran’s primary mechanism for cultivating and providing lethal support to terrorist organizations abroad Seven defendants are charged in the Southern district of New York, along with the seizure of $108 million. Two more defendants were named in a case filed in the District of Columbia, along with a forfeiture complaint for 500,000 barrels of oil in transit.
The Department of Defense released an updated blacklist with more than a dozen new Chinese companies on it, including memory chip maker YMTC, artificial intelligence company Megvii, LiDAR maker Hesai Technology and tech company NetPosa. Section 1260H of the William M. (Mac) Thornberry NDAA for FY21 (Pub. L. 116–283) directs the Secretary of Defense to continue to list “Chinese military companies” (CMCs) annually until December 31, 2030.
Swiss-based, Singapore-registered, and US Government-funded commodity trader Trafigura Group announced that one of their cargos of Russian fuel was struck by a missile as it left the Red …
October's six-month relief of sanctions on trading with the government of Venezuela appears in jeopardy, as conditions for their continuation appear not to have been met. Bipartisian immigration reform, however, has been supported by increased civil aviation cooperation between Washington and Caracas, while US and European oil companies have been assiduously reviving production in Venezuela's oilfields.
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson convened a roundtable with representatives of non-governmental organizations, international organizations, and U.S. government implementers to discuss the designation of Ansarallah (“Houthis”) and the Office of Foreign Assets Control (OFAC) issuance of five additional general licenses. Treasury reiterates that Yemen is not subject to jurisdiction-based sanctions, nor will it become subject to jurisdiction-based sanctions on February 16, 2024. U.S. sanctions do not stand in the way of humanitarian activities and the delivery of essential commercial goods to the people of Yemen
The Commerce Department’s Bureau of Industry and Security (BIS) has expanded the scope of the EAR’s Russian and Belarusian Industry Sector Sanctions by adding 95 6-digit Harmonized Tariff Schedule (HTS) codes to the list of items requiring a license for export, reexport, or transfer (in-country) to Russia or Belarus. The expanded list of items includes certain chemicals, lubricants, and metals, and it covers the entirety of Chapter 88 of the HTS (aircraft, spacecraft, and parts thereof).
OFAC has released the first video in its “OFAC Basics” video series. The OFAC Basics: Sanctions List Search video provides viewers with a brief tutorial on how to use OFAC’s Sanctions List Search Tool and recommended steps for assessing a potential match to one of OFAC’s published sanctions lists.
Treasury’s Office of Foreign Assets Control (OFAC) is taking its first oil price cap enforcement action of 2024, targeting a shipping company linked to a price cap violation. OFAC is also issuing Russia-related General License 13H , "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024," and Russia-related General License 86, "Authorizing Limited Safety and Environmental Transactions Involving Certain Persons or Vessels Blocked on January 18, 2024." OFAC is also amending Frequently Asked Question 1157.
Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Alberto Pimentel Mata for his role in exploiting the Guatemalan mining sector through widespread bribery schemes, including schemes related to government contracts and mining licenses.
Treasury and State announced further sanctions on shipping activities related to the Houthi rebels in Yemen and the Russian Military. OFAC also lifted sanctions on a Gulfstream G650 business jet associated with oligarch Suleyman Kerimov. OFAC added four tankers two companies in Hong Kong and the United Arab Emirates for shipping Iranian commodities on behalf of the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. Earlier in the week OFAC added several entities and indigenous (Ilyushin and Antonov) aircraft complicit in the transfer to Russia and testing of DPRK-origin ballistic missiles by Russia since late November 2023.
A New Hampshire charity delivering humanitarian aid to Syria was sentenced in federal court for export offenses. NuDay was sentenced December 28 by U.S. District Court Judge Joseph N. Laplante to five years of probation, the maximum penalty for an organizational defendant. NuDay was also ordered to pay a $25,000 fine. On September 8, 2023, NuDay pleaded guilty to three counts of Failure to File Export Information.
Treasury’s Office of Foreign Assets Control (OFAC) designated one individual and three entities responsible for facilitating the flow of Iranian financial assistance to Houthi forces in Yemen. Among those designated today is the head of the Currency Exchangers Association in Sana’a, and three exchange houses in Yemen and Türkiye.
China announced it will impose sanctions on a United States company and two individuals in reaction to similar measures taken by the U.S. against Chinese officials and entities. The December 26 sanctions target Kharon, a U.S. intelligence data firm, its director of investigations Edmund Xu, and former researcher Nicole Morgret. These sanctions are a response to allegations and measures concerning the situation in the Xinjiang Uygur autonomous region.
The United States and other countries participating in the Price Cap Coalition announced new rules aimed at making it harder to Russia to circumvent the price cap imposed on Russian oil in response to its invasion of Ukraine. “These changes will further complicate efforts by Russian exporters to circumvent the price cap while deceiving Coalition service providers, and further raise costs for any Russian exporters that need premier services but are unwilling to sell oil under the cap,” according to the coalition's announcement December 21.. The changes include requiring that relevant Coalition service providers receive attestations from their counterparties each time they lift or load Russian oil. The coalition also is introducing changes that will require supply chain participants with access to itemized ancillary costs (e.g., insurance and freight) to share these upon request with entities further down the supply chain.
The United States announced new listings of four Nicaraguan, four Guatemalan, three Honduran, and three Salvadoran individuals under the Section 353 Corrupt and Undemocratic Actors report. …
The Administration imposed sanctions on 10 entities and four individuals in order to disrupt a procurement network across the Middle East and East Asia supporting Iran’s unmanned aerial vehicle production. Being targeted by the Treasury Department’s Office of Foreign Assets Control December 19 are entities and individuals based in Iran, Malaysia, Hong Kong and Indonesia.
The European Council adopted Monday a twelfth package of economic and individual restrictive measures in view of the continued Russian war of aggression against Ukraine.
Friday, the President signed a new Russia-related Executive Order advising financial institutions and payments processors that "Foreign financial institutions that conduct or facilitate significant transactions or provide any service involving Russia’s military-industrial base run the risk of being sanctioned by OFAC." Under these new authorities, OFAC can impose full blocking sanctions on, or prohibit or restrict the maintenance of correspondent accounts in the United States for, foreign financial institutions.