The Office of Foreign Assets Control sanctioned an international network that used a network of front companies to cover the delivery and sale of hundreds of millions of dollars’ worth of Iranian oil and petrochemical products from Iranian companies to East Asia, according to a July 6 press release. Two individuals, 13 entities, and two vessels were added to the Specially Designated Nationals list, according to OFAC's July 6 notice. The action follows an earlier action by OFAC on June 16, which designated members of an international sanctions-evasion network supporting Iranian petrochemical sales (see 2206160030). “While the U.S. is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” Undersecretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said.
The Office of Foreign Assets Control last week issued a reminder to industry to file annual reports on blocked property by Sept. 30. The notice applies to blocked property held as of June 30. OFAC provided filing forms and guidance on filing the reports.
The Office of Foreign Assets Control this week amended the Global Terrorism Sanctions Regulations to implement a Sept. 9, 2019, counterterrorism executive order. The amendments, which take effect July 1, implement the provisions of executive order 13886, “Modernizing Sanctions To Combat Terrorism” that amended sections 1(a) and 5 of Executive Order 13224. The change blocks all property and interests in property that are in the U.S. of persons listed in the amended Annex to E.O. 13224, foreign persons determined by the secretary of state to have committed or have attempted to commit acts of terrorism. It also makes certain "technical and conforming changes" to the regulations.
The Office of Foreign Assets Control on June 17 removed a Venezuelan-related entry from its Specially Designated Nationals List. The agency removed Carlos Erik Malpica Flores, who was designated in 2017 for being the former national treasurer and former vice president of finance for Petroleos de Venezuela, the country’s state-run energy company. OFAC didn’t immediately release more information on the delisting.
The Office of Foreign Assets Control on June 17 sanctioned Empresa Nicaraguense de Minas (ENIMINAS), Nicaragua’s state-owned mining company, and Ruy Lopez Delgado, the president of its board of directors. OFAC said the government has used ENIMINAS to solidify its control over Nicaragua’s mining sector and enrich government officials.
The Office of Foreign Assets Control sanctioned a network of Iranian petrochemical producers, as well as front companies in China and the United Arab Emirates. The front companies support Triliance and PCC, which broker sales of Iranian petrochemicals to China and East Asia, circumventing sanctions, OFAC said in a June 16 press release. The agency sanctioned two people and nine entities.
The Office of Foreign Assets Control designated Stanislav Shevchuk and Alexander Zhuchkovsky, two "key supporters" of the ethnically motivated violent extremist group known as the Russian Imperial Movement, according to a June 15 notice.
The Office of Foreign Assets Control renewed a Russia-related general license authorizing certain energy-related transactions with several Russian companies. General License 8C, which replaces GL 8B (see 2204060051), authorizes the transactions through 12:01 a.m. EST Dec. 5. The license was previously scheduled to expire June 24. OFAC updated its frequently asked questions to reflect the change.
U.S.-based Hygienic Dress League Corp said it may have violated U.S. sanctions, according to a June 9 SEC filing. The company, which operates in the non-fungible-tokens sector, said it recently submitted a voluntary self-disclosure to the Office of Foreign Assets Control after it may have allowed its software to be downloaded by people or entities located in territories subject to U.S. trade embargoes. After learning of the potential violations, the company began an “internal review” and took “remedial action designed to prevent similar activity from occurring in the future,” the filing said. The disclosure is still under review by OFAC.
The Office of Foreign Assets Control issued General Licenses related to Syria, Iran and Venezuela, "Authorizing Certain Activities to Respond to the Coronavirus Disease 2019 (COVID-19) Pandemic," according to a June 10 notice.