The Office of Foreign Assets Control and the Department of State announced the following sanctions action last week.
Cuba-related Sanctions
State Department targets Cuba oil shipping and support networks: The State Department designated eight entities and two individuals and identified five vessels as blocked property for supporting Cuba’s oil shipping networks, state-owned entities and military supply chains. Related to the action, OFAC issued a determination under Executive Order 14404 authorizing sanctions against foreign persons operating in Cuba’s electronics, manufacturing, marine and technology sectors, effective Nov. 5. Read more.
Iran-related Sanctions
OFAC targets Iran shadow fleet, aviation and weapons procurement networks: As part of Operation Economic Outcast, OFAC sanctioned 13 individuals and companies tied to a network accused of providing fraudulent vessel flags and maritime certifications to Iran’s shadow fleet, and targeted a Türkiye-based company supporting sanctioned Iranian airlines. OFAC also issued an alert on sanctions risks involving falsely flagged vessels, while the State Department separately designated two individuals and one entity involved in efforts to procure man-portable air-defense systems for Iran. The actions target Iran’s sanctions-evasion, aviation and military procurement networks, including channels supporting petroleum shipments and weapons acquisition. Read more.
Transnational Criminal Organization Sanctions
OFAC expands sanctions on Prince Group cyber scam network: OFAC sanctioned four individuals and 41 entities supporting the Prince Group Transnational Criminal Organization, targeting corporate and financial networks used to facilitate cyber scams, launder illicit proceeds and evade previous sanctions. OFAC also designated a Malaysian individual accused of managing a network of Africa-based scammers targeting U.S. victims. The actions were taken under authorities targeting transnational criminal organizations and malicious cyber activity. Read more.
Venezuela-related Sanctions
OFAC issues updated Venezuela general license for PDVSA bond transactions: OFAC issued Venezuela-related General License 5AA, authorizing certain transactions, financing and other dealings involving the PDVSA 2020 8.5% bond on or after Dec. 18, 2026. The license replaces General License 5Z, and OFAC also amended FAQ 595 to reflect the updated authorization.
