The Treasury Department’s Office of Foreign Assets Control on June 5 issued a series of frequently asked questions to clarify a January executive order that expanded U.S. sanctions authority against Iran (see 2001100050). The FAQs clarified that the U.S. will not target Iranian medical manufacturers, defined the sectors of Iran’s economy referenced in the order and specified which goods and services may be targeted. Before this guidance, the agency had done little to define the broad scope of the order, which was causing confusion about the reach of the authorities and the Iranian sectors that would be subject to expanded sanctions (see 2001170034).
An aircraft holding company is suing the Treasury Department after the agency blocked a transaction involving the company and an alleged Specially Designated Global Terrorist, according to court records filed June 2. In the lawsuit, Seychelles-registered Askan Holdings, owned by Romania-based Transylvania International Airlines SRL, argued that no sanctioned party was involved in the transaction and said the Treasury’s Office of Foreign Assets Control failed to identify the blocked party or grant Askan a license. Askan is asking a court to order OFAC to grant the license or to stop blocking the transaction.
The Treasury Department’s Office of Foreign Assets Control announced regulations to implement an October executive order authorizing certain Syria-related sanctions, OFAC said in a June 4 notice. The notice includes detailed descriptions of the regulations, including transactions that are blocked, definitions, licensing procedures and penalties for violations. OFAC said it plans to release a “more comprehensive” set of regulations, including potential guidance documents and general licenses. The regulations take effect June 5.
The Treasury’s Office of Foreign Assets Control sanctioned four companies and four vessels for operating in Venezuela's oil sector, according to a June 2 press release. The designated entities include Marshall Islands-based Afranav Maritime Ltd., owner of the Panamanian-flagged Athens Voyager; Greece-based Seacomber Ltd., owner of the Maltese flagged Chios I; Marshall Islands-based Adamant Maritime Ltd., owner of Bahamian-flagged Seahero; and Marshall Islands-based Sanibel Shiptrade Ltd., owner of the Marshall Islands-flagged Voyager I.
The Trump administration is ending sanctions waivers for certain activities with nuclear projects in Iran, the State Department said May 27. The move will end waivers covering “all remaining” Iranian nuclear projects that originated under the Joint Comprehensive Plan of Action, which allowed Chinese, Russian and European companies to work on Iranian nuclear sites.
The Treasury’s Office of Foreign Assets Control sanctioned two senior Nicaraguan government officials for human rights violations and corruption, Treasury said in a May 22 press release. The sanctions target Julio Cesar Aviles Castillo, the commander-in-chief of the Nicaraguan Army, and Ivan Adolfo Acosta Montalvan, the Minister of Finance and Public Credit.
The Treasury’s Office of Foreign Assets Control removed a general license for certain Zimbabwean entities because they are no longer subject to sanctions, according to a notice. The move removes a license that authorized transactions with the Agricultural Development Bank of Zimbabwe and Infrastructure Development Bank of Zimbabwe, both of which were removed from Treasury’s Specially Designated Nationals List in 2016, the notice said. OFAC also updated the “authorities citation” of the Zimbabwe Sanctions regulations “to shorten citations to conform with Federal Register guidance.”
The Treasury’s Office of Foreign Assets Control sanctioned Iranian officials and a group controlled by the country’s law enforcement authority for human rights abuses, Treasury said May 20. The designations target Abdolreza Rahmani Fazli, Iran’s interior minister, seven senior officials of Iran’s Law Enforcement Forces and a commander in Iran’s Islamic Revolutionary Guard Corps. The sanctions also target the LEF Cooperative Foundation -- an “economic collaborative” controlled by the LEF -- along with its director and board of trustees.
The Treasury’s Office of Foreign Assets Control sanctioned China-based Shanghai Saint Logistics Limited for acting as a general sales agent for Mahan Air (see 1912050032), the U.S.-designated Iranian airline, according to a May 19 press release. The designation of Shanghai Saint Logistics is the seventh designation of a general sales agent to Mahan Air since 2018, OFAC said. The company provides freight booking and other services for Mahan Air flights. “We will not hesitate to target those entities that continue to maintain commercial relationships with Mahan Air,” Treasury Secretary Steven Mnuchin said in a statement.
The Treasury’s Office of Foreign Assets Control updated 490 North Korea-related entries on its Specially Designated Nationals List, according to a May 13 notice. The update stems from the 2020 National Defense Authorization Act, which modified the North Korea Sanctions and Policy Enhancement Act to block foreign subsidiaries of U.S. financial institutions “from knowingly engaging in transactions with” SDNs “that have been designated under North Korea-related authorities,” OFAC said. OFAC introduced a “descriptive text” to “clarify to the private sector what SDNs have this prohibition” and added the descriptive text to the SDN entries.