The Office of Foreign Assets Control announced the following sanctions action last week.
Russia-related Sanctions
OFAC issues Russia‑related General Licenses and updates SDN List: OFAC issued Russia‑related General Licenses 55F and 115D, authorizing certain services related to the Sakhalin‑2 project and transactions tied to existing civil nuclear energy projects, and amended multiple FAQs to provide updated guidance. OFAC also updated the SDN List, including the removal and modification of select Russia‑related entries. Read more.
Iran-related Sanctions
OFAC targets Iran weapons procurement and banking networks: On June 10, OFAC sanctioned nine individuals and entities supporting weapons procurement for Iran’s IRGC and Ministry of Defense, including actors based in China and Hong Kong. The action, taken as part of the Economic Fury campaign, also targeted elements of Iran’s clandestine banking network, including Hong Kong‑based front companies and financial intermediaries used to process and conceal weapons‑related transactions and move funds on behalf of sanctioned Iranian entities. Read more.
Cuba-related Sanctions
State Department sanctions Cuba’s state oil company: The State Department designated Cuba’s state‑owned oil and gas company, Unión Cuba Petróleo (CUPET), under Executive Order 14404 for its role in supporting the Cuban regime’s operations and revenue generation. The action targets a key economic pillar of the regime and reinforces U.S. efforts to hold accountable those enabling repression and malign activities in Cuba. Related to this action, OFAC added CUPET to the Specially Designated Nationals List. Read more.
