The Office of Foreign Assets Control and the Department of State announced the following sanctions action last week.
Russia-related Sanctions
OFAC issues Russia-Related General License: OFAC issued Russia-related General License 131J authorizing certain transactions related to the potential sale of Lukoil International GmbH and updated two related FAQs. Read more.
Cuba-related Sanctions
State Department targets Cuba military and nickel sectors: On Sept. 17, the State Department designated eight entities and three individuals tied to Cuba’s military-industrial complex and nickel sector as part of ongoing sanctions against the Cuban regime. The action targets military research, development and production entities, as well as senior officials responsible for their operations, under Executive Order 14404. Read more.
Iran-related Sanctions
OFAC targets BitBank and Iran digital asset network: On Sept. 17, OFAC designated BitBank, a digital asset platform controlled by sanctioned Iranian financier Babak Zanjani, along with its developer and three associates, for supporting Iran’s sanctions-evasion activities. Treasury said the network was used to move cryptocurrency and facilitate payments for sanctioned Iranian entities, including the Hormuz Safe Marine Services Authority. The designations were issued under Executive Order 13902 as part of Operation Economic Outcast. Read more.
Treasury sanctions VTB Bank over Iran ties: As part of Operation Economic Outcast, OFAC on Sept. 14 designated VTB Bank Public Joint Stock Company, one of Russia’s largest banks, for allegedly helping Iran evade sanctions and maintain access to the international financial system. Treasury said VTB established correspondent banking relationships with sanctioned Iranian financial institutions and helped facilitate financial cooperation between Russia and Iran. The action was taken under Executive Order 13902 and follows recent sanctions targeting banks in Türkiye and the United Arab Emirates linked to Iran’s financial networks. Read more.
Ethiopia-related Sanctions
OFAC ends Ethiopia sanctions program: Following the expiration of the national emergency declared in Executive Order 14046, OFAC removed Ethiopia-related sanctions designations from its Specially Designated Nationals and Blocked Persons List and withdrew related program guidance and FAQs. Read more.
Venezuela-related Sanctions
OFAC issues updated Venezuela general license for PDVSA transactions: OFAC issued Venezuela-related General License 52C, authorizing certain transactions involving Petróleos de Venezuela, S.A. (PDVSA), and amended Venezuela-related FAQ 1245 to reflect the updated authorization. OFAC also updated the Specially Designated Nationals and Blocked Persons List and the Sectoral Sanctions Identifications List. Read more.
