The Office of Foreign Assets Control announced the following sanctions action.
Russia-related Sanctions
- OFAC issues GL 124 to authorize petroleum services related to Caspian Pipeline and Tengizchevroil: OFAC on May 15 issued Russia-related General License 124, “Authorizing Petroleum Services Related to the Caspian Pipeline Consortium and Tengizchevroil.” Additionally, OFAC has published an updated Russia-related Frequently Asked Question 1216 to answer clarify what action Treasury has taken with regard to the provision of petroleum services to Russia. The FAQ also previewed the regulation OFAC plans to issue defining “petroleum services.”
Iran-related Sanctions
- OFAC targets Hizballah financial facilitation network: OFAC on May 15 targeted two senior Hizballah officials and two financial facilitators for their roles in coordinating financial transfers for Hizballah. These designated individuals, based in Lebanon and Iran, work closely with Hizballah leadership to send money to the group from overseas donors. In addition to managing and processing funding for Hizballah within Lebanon, one of the designees is responsible for overseeing financial activity for Hizballah-aligned groups around the world. Read more.
- OFAC targets Iran’s efforts to domestically manufacture missile components: OFAC on May 14 designated six individuals and 12 entities for their involvement in efforts to help the Iranian regime domestically source the manufacturing of critical materials needed for Tehran’s ballistic missile program. The designees support the various Islamic Revolutionary Guard Corps (IRGC) sub-organizations that oversee the effort to help Iran domestically develop carbon fiber materials needed to manufacture intercontinental ballistic missiles. Read more.
- OFAC targets firms for supporting Iran’s international oil trade: OFAC on May 13 sanctioned nearly two dozen firms operating in Hong Kong, Singapore and China for their ties with OFAC-designated Iranian entity, Sepehr Energy. Sepehr Energy carries out its oil shipments through a series of deals between multiple front companies that it owns or controls, creating the illusion of non-sanctionable trade between separate entities. The Iranian government allocates billions of dollars’ worth of oil annually to its armed forces to supplement their budget allocations, underwriting the development of ballistic missiles and unmanned aerial vehicles, as well as financing regional terrorist groups. Read more.
