Recent news from Treasury’s Office of Foreign Assets Control: February 2

Guidance

  • The Office of Foreign Assets Control publishes Price Cap Coalition compliance and enforcement alert: The alert includes an overview of key oil price cap (OPC) evasion methods and recommendations for identifying such methods and mitigating their risks and negative impacts. It also includes information on how to report OPC suspected breaches across the Price Cap Coalition. Read more.

OFAC took a number of significant sanctions actions over the last week across multiple programs:

Iran-related Sanctions

  • OFAC Sanctions Iranian Cyber Actors: OFAC on Feb. 2 sanctioned six officials in the Iranian Islamic Revolutionary Guard Corps Cyber-Electronic Command (IRGC-CEC), an Iranian government organization responsible for a series of malicious cyber activities against critical infrastructure in the United States and other countries. The designees—Hamid Reza Lashgarian, Mahdi Lashgarian, Hamid Homayunfal, Milad Mansuri, Mohammad Bagher Shirinkar, and Reza Mohammad Amin Saberian—previously committed and attempted malicious cyber activities against U.S. critical infrastructure, including ransomware attacks and an attempted operation against Boston Children’s Hospital in 2021. They are also responsible for similar malicious cyber activity targeting European countries and Israel. Read more.
  • OFAC Sanctions Transnational Procurement Network Supporting Iran’s Ballistic Missile: OFAC on Feb. 2 sanctioned a key procurement network of suppliers of materials and sensitive technology for Iran’s ballistic missile and Unmanned Aerial Vehicle (UAV) programs, including the Shahed-series UAV produced by Iran’s Shahed Aviation Industries Research Center (SAIRC). The four Iran- and Hong Kong-based entities have operated as covert procurement entities for OFAC designated Hamed Dehghan and Pishtazan Kavosh Gostar Boshra (PKGB), who are actively engaged in supporting multiple Iranian military organizations. Additionally, OFAC designated a Hong Kong-based front company involved in the sale of hundreds of millions of dollars’ worth of Iranian commodities for the benefit of the Islamic Revolutionary Guard Corps-Qods Force. Read more.

Sudan-related Sanctions

  • OFAC Sanctions Entities Funding the Conflict in Sudan: OFAC on Jan. 31 sanctioned three entities for their role in undermining the peace, security, and stability of Sudan. OFAC designated Alkhaleej Bank Co Ltd, Zadna International Co for Development Ltd, and Al-Fakher Advanced Works Co. Ltd. Alkhaleej is controlled by the paramilitary force, Rapid Support Forces (RSF). Zadna supports the Sudanese Armed Forces, and Al-Fakher was established by RSF senior leadership to be a holding company for conducting RSF’s gold export business. These designations signal the continued commitment of the United States to identify and isolate funding sources for both the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF), the two main parties responsible for the conflict in Sudan. Read more.

Burma-related Sanctions

  • OFAC Sanctions Individuals and Companies Closely Associated with Burma’s Military Regime: OFAC on Jan. 31 designated two entities closely associated with Burma’s military regime, as well as four cronies, pursuant to Executive Order 14014. OFAC designated entities that maintain relationship with OFAC-designated Myanma Economic Holdings Public Company Limited (MEHL)—Shwe Byain Phyu Group of Companies (SBPG) and shipping company Myanma Five Star Line Company Limited. Also designated are SBPG owner and chair, Thein Win Zaw and individuals who control companies closely related to the regime Tin Latt Min; Theint Win Htet; and Win Paing Kyaw. Read more.
  • In a related action, OFAC issued Burma General License 6 to authorize through March 1, 2024 the wind down of any transaction involving Shwe Byain Phyu Group of Companies (SBPG) or any entity in which SBPG owns provided that any payment to a blocked person is made into a blocked account in accordance with the Burma Sanctions Regulations.

Terrorism-related Sanctions

  • OFAC Sanctioned Entities and Individual for Supporting IRGC-QF and Hizballah: OFAC on Jan. 31 sanctioned three entities and one individual located in Lebanon and Türkiye for providing critical financial support to an Iranian Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Hizballah financial network. These entities have generated hundreds of millions of dollars’ worth of revenue from selling Iranian commodities, including to the Syrian government. These commodity sales provide a key source of funding for the IRGC-QF and Hizballah’s continued terrorist activities and support to other terrorist organizations throughout the region. OFAC designated Türkiye-based Mira Ihracat Ithalat Petrol (Mira) and its CEO Ibrahim Talal al-Uwayr. Mira purchases, transports, and sells Iranian commodities on the global market. Also designated are Lebanon-based Yara Offshore SAL (Yara) and Hydro Company for Drilling Equipment Rental. Read more.
  • OFAC Designates Cybersecurity Experts and Financial Facilitator Affiliated with ISIS: OFAC on Jan. 30 designated two cybersecurity experts affiliated with ISIS—Mu’min Al-Mawji Mahmud Salim and Sarah Jamal Muhammad Al-Sayyid—for providing ISIS leadership and supporters with cybersecurity training, enabling their use of virtual currency, and supporting the terrorist group’s recruitment. Additionally, OFAC designated an ISIS financial facilitator, Faruk Guzel who is involved in transferring funds to ISIS-affiliated individuals in Syria. The three individuals have been designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, ISIS. Read more.
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