Iran-related Sanctions
OFAC targets Mahan Air support network: On July 30, OFAC designated six entities and individuals in China, India, Russia and Iran for supporting Mahan Air, the U.S.-sanctioned Iranian airline accused of facilitating activities for the Islamic Revolutionary Guard Corps. The action targets companies that help sustain Mahan Air’s global operations, including general sales agents, and also includes an IRGC-affiliated front company. The designations were issued pursuant to Executive Order 13224, as amended, as part of broader efforts to increase economic pressure on Iran and disrupt support networks for the IRGC. Read more.
OFAC targets Iran maritime extortion and oil shipping networks: On July 29, OFAC designated two firms tied to an IRGC-backed scheme that allegedly requires commercial vessels transiting the Strait of Hormuz to purchase maritime “insurance,” including policies that accept digital asset payments to evade sanctions. OFAC also sanctioned several vessels involved in transporting Iranian crude oil and petrochemical products, further targeting Iran’s shadow fleet and petroleum revenue streams. The action was taken under Executive Order 13902 in support of the administration’s maximum-pressure campaign against Iran. Read more.
Venezuela-related Sanctions
OFAC issues updated general license for PDVSA bond transactions: OFAC issued Venezuela-related General License 5Y, authorizing certain transactions, financing and other dealings involving the Petróleos de Venezuela, S.A. (PDVSA) 2020 8.5% bond on or after Sept. 17, 2026. The license replaces and supersedes General License 5X and is accompanied by an update to Venezuela-related FAQ 595. Read more.
