The Office of Foreign Assets Control announced the following sanctions action last week.
Enforcement Action
OFAC settles sanctions case with TradeStation: OFAC announced a $1.11 million settlement with Florida-headquartered brokerage firm, TradeStation Securities, Inc. to resolve potential civil liability for 481 apparent sanctions violations involving brokerage and investment services provided to persons in Iran, Syria, and Crimea between June 2021 and June 2022. OFAC determined the conduct was non‑egregious and voluntarily self‑disclosed, and also released updated information on civil penalties and enforcement. Read more.
Iran-related Sanctions
OFAC temporarily lifts sanctions on Iranian oil loaded on any vessel: On March 20, OFAC authorized the sale of oil and petroleum products from Iran loaded on any vessel as of March 20, including vessels previously blocked by OFAC. This license authorizes the sale of covered Iranian oil and gas through April 19, 2026. Read more.
Venezuela-related Sanctions
OFAC licenses Venezuelan oil transactions: On March 18, OFAC issued Venezuela-related General License 52, authorizing certain transactions involving Petróleos de Venezuela, S.A. (PdVSA), and any entity owned 50% or more by PdVSA. This license authorizes the sale of Venezuelan oil, subject to important exceptions such as the continued prohibition on transactions involving vessels blocked by OFAC. OFAC released two new FAQs 1245 and 1246 to provide additional guidance regarding this authorization. Read more.
OFAC amends Venezuela-related General License 5V: On March 19, OFAC issued amended Venezuela related General License 5V, authorizing certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 percent bond on or after May 5, 2026, and amended Venezuela related FAQ 595. Read more.
Russia-related Sanctions
OFAC issues Russia-related General License 134A: On March 19, OFAC issued Russia‑related General License 134A, authorizing the delivery and sale of crude oil and petroleum products of Russian Federation origin loaded on vessels as of March 12, 2026. Read more.
Russia-related and Turkey-related Sanctions
OFAC removes multiple entries from SDN List: On March 18, OFAC removed multiple individuals and entities from the SDN List that had been designated under Executive Order 14024, including a Russian national listed under several aliases and entities and individuals based in Turkey and the United Arab Emirates. The deletions include technology and business entities linked to secondary sanctions risk, as well as associated individuals previously tied to Russia‑related sanctions programs. Read more.
Russia-related and Counter-narcotics-related Sanctions
OFAC removes individuals and entities from SDN List: On March 20, OFAC removed several individuals and entities from the SDN List, including Mexico‑based narcotics traffickers and select Russia‑related designees previously listed under Executive Order 14024. Read more.
Foreign Terrorist Organization Sanctions
OFAC targets Hizballah financing network: On March 20, OFAC designated a network of 16 individuals and entities led by Hizballah financier Alaa Hassan Hamieh for laundering and raising funds to support Hizballah’s operations. The network, spanning Lebanon, Syria, Poland, Slovenia, Qatar, and Canada, is estimated to have diverted more than $100 million since 2020 through companies controlled by family members and close associates. The action was taken under Executive Order 13224, which underpins U.S. counterterrorism sanctions against Hizballah. Read more.
