The Office of Foreign Assets Control announced the following sanctions action last week.
Russia-related Sanctions
OFAC settles Russia sanctions case with FTI Consulting: On June 1, OFAC announced a $1.05 million settlement with FTI Consulting to resolve potential civil liability for apparent violations of Russia‑related sanctions. Between April 2019 and May 2021, FTI indirectly dealt in prohibited debt of VTB Bank, with OFAC determining the conduct was non‑egregious and not voluntarily self‑disclosed. Read more.
Iran-related Sanctions
OFAC targets Iran’s LPG smuggling and currency exchange networks: On June 5, OFAC designated a network of individuals, entities, and vessels involved in disguising and shipping Iranian-origin LPG to Asia, as well as an exchange house facilitating hundreds of millions of dollars in transactions for sanctioned Iranian banks. The action, taken under Executive Order 13902 as part of Economic Fury, targets Iran’s shadow fleet and financial networks used to evade sanctions and generate revenue for weapons programs and proxy activities. Read more.
OFAC targets Iran’s digital asset exchanges under Economic Fury: On June 2, OFAC sanctioned Iran’s largest digital asset exchange, Nobitex, along with three other exchanges and associated individuals for facilitating sanctions evasion, terrorist financing, and transactions tied to the IRGC. The action, taken under Executive Orders 13224 and 13902 as part of Economic Fury, targets the regime’s use of digital assets to move funds, access global markets, and support destabilizing activities. Related to this action, OFAC issued FAQ 1257 to answer whether or not non-U.S. persons are exposed to sanctions risk for dealing with Iran-based digital asset exchanges Nobitex, Wallex, Bitpin, and Ramzinex. Read more.
Congo-related Sanctions
OFAC sanctions DRC armed group commanders: On June 2, OFAC sanctioned senior commanders of the Democratic Forces for the Liberation of Rwanda (FDLR) and the March 23 Movement (M23) for their roles in fueling violence and instability in eastern Democratic Republic of the Congo. The action targets individuals linked to human rights abuses and armed conflict, supporting broader U.S. efforts to advance peace and uphold the Washington Accords for regional stability. Read more.
