The Office of Foreign Assets Control announced the following sanctions action last week.
Russia-related Sanctions
OFAC settles Russia sanctions case with Extreme Networks: On Oct. 27, OFAC announced a $1.53 million settlement with Extreme Networks Inc. to resolve potential civil liability for nine apparent Russia sanctions violations involving exports of networking equipment and services to a blocked Russian defense manufacturer. OFAC determined the apparent violations were voluntarily self-disclosed and egregious. Read more.
Iran-related Sanctions
OFAC issues updated Iran general license for Iraq Development Bank: On Oct. 29, OFAC issued Iran General License FF-1, authorizing the wind down of transactions involving International Development Bank for Investment and Finance, also known as Iraq Development Bank, and certain majority-owned entities through Dec. 1, 2026. The license, effective Oct. 29, replaces and supersedes General License FF and requires payments to blocked persons to be made into blocked accounts. Read more.
Congo-related Sanctions
OFAC sanctions Rwandan defense ministry and financial institution: On Oct. 28, OFAC sanctioned the Rwandan Ministry of Defence and Zigama Credit and Savings Society, a Rwandan financial institution, for facilitating Rwanda’s support for the March 23 Movement (M23) and its political wing in eastern Democratic Republic of the Congo. Treasury said the action seeks to hold Rwanda accountable under the Washington Accords and pressure the country to end its support for M23 and withdraw its forces from eastern DRC. Read more.
North Korea-related Sanctions
OFAC targets North Korean IT worker schemes: On Oct. 28, OFAC sanctioned 10 individuals and one entity for supporting North Korean government-run IT worker schemes that defraud U.S. businesses and generate revenue for the country’s weapons programs. The schemes use fraudulent identities and other deceptive tactics to secure employment, while related networks use cryptocurrency and money laundering methods to transfer proceeds to the North Korean government. Read more.
