The Office of Foreign Assets Control announced the following sanctions actions in the last two weeks.
OFAC Sanctions Removal
OFAC removes 125 individuals, entities from sanctions lists: On Oct. 5, the Treasury Department’s Office of Foreign Assets Control removed 125 individuals and entities from its sanctions lists as part of its sanctions modernization effort. OFAC also updated 22 list entries to improve compliance screening, including by adding new identifying information and removing outdated information.
The removals include deceased individuals, defunct companies and entries lacking sufficient information for effective compliance screening. Read more.
Russia-, Cuba- and Iran-related Sanctions
OFAC issues Russia- and Iran-related general licenses: On Oct. 15, OFAC issued two Russia-related general licenses authorizing certain transactions involving Lukoil retail service stations outside Russia and certain Lukoil entities in Bulgaria, as well as an Iran-related general license covering the wind-down of transactions involving International Development Bank for Investment and Finance. OFAC also issued a new Cuba-related FAQ, amended a Russia-related FAQ and updated its Specially Designated Nationals and Blocked Persons List. Read more.
Iran-related Sanctions
OFAC targets Iran’s remaining shadow fleet: On Oct. 8, OFAC sanctioned vessels and companies involved in transporting Iranian petroleum and petrochemicals as part of Operation Economic Outcast. Treasury said the action targets the remaining vessels in Iran’s shadow fleet used to evade U.S. sanctions and move petroleum products to foreign markets.
The designations were imposed under Executive Order 13902, which targets Iran’s petroleum sector and other key sectors of the Iranian economy. Read more.
International Criminal Court-Related Sanctions
OFAC reaches settlement with Pegasus, issues ICC-related general licenses: OFAC reached a $175,015 settlement with Pegasus Worldwide Logistics over potential sanctions and reporting violations involving blocked property and the company’s response to an OFAC subpoena. OFAC also issued four International Criminal Court-related general licenses authorizing certain transactions involving the court and updated its Specially Designated Nationals and Blocked Persons List. Read more.
Foreign Terrorist Organization Sanctions
OFAC sanctions individuals, entities linked to Cartel del Noreste: On Oct. 13, OFAC sanctioned four individuals and 11 entities linked to Cartel del Noreste, a U.S.-designated foreign terrorist organization. The action targets individuals and businesses involved in industries including quarter horse racing, construction, trucking, and oil and gas, which OFAC says have been used to launder illicit proceeds and support cartel operations. Read more.
Venezuela-related Sanctions
OFAC issues amended Venezuela-related general license: OFAC issued Venezuela-related General License 60A, authorizing transactions related to earthquake relief efforts in Venezuela. OFAC also amended FAQ 1263. Read more.
