The Office of Foreign Assets Control sanctioned 13 companies for facilitating the sale of Iranian petrochemicals and petroleum products. The companies facilitated sales to East Asian buyers on behalf of Persian Gulf Petrochemical Industry Commercial, Triliance Petrochemical, and the National Iranian Oil Co., which are all previously sanctioned entities, OFAC said in a Nov. 17 news release. The action is the fifth round of designations targeting Iran’s petroleum and petrochemical trade since June, OFAC said.

In coordination with DOJ and the FBI, the Office of Foreign Assets Control has added one individual and two organizations to its Specially Designated Nationals list, according to an Oct. 19 notice.

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The Office of Foreign Assets Control issued preliminary guidance on the price cap for seaborne Russian oil and related maritime services policy. The G7 confirmed its joint intention for the cap at the Sept. 2 meeting of finance ministers (see 2209020034).

The U.S. should better regulate the cryptocurrency industry to increase sanctions compliance, but not in a way that inhibits innovation, companies and trade groups told the Treasury Department in comments released this month. Some commenters said Treasury should issue more guidance to help firms better understand their compliance obligations and help digital assets from being used to evade global sanctions.

The Office of Foreign Assets Control sanctioned an international network that used a network of front companies to cover the delivery and sale of hundreds of millions of dollars’ worth of Iranian oil and petrochemical products from Iranian companies to East Asia, according to a July 6 press release. Two individuals, 13 entities, and two vessels were added to the Specially Designated Nationals list, according to OFAC's July 6 notice. The action follows an earlier action by OFAC on June 16, which designated members of an international sanctions-evasion network supporting Iranian petrochemical sales (see 2206160030). “While the U.S. is committed to achieving an agreement with Iran that seeks a mutual return to compliance with the Joint Comprehensive Plan of Action, we will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals,” Undersecretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said.

Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching the title or by clicking on the hyperlinked reference number.

Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching the title or by clicking on the hyperlinked reference number.

The Office of Foreign Assets Control on April 20 sanctioned more than 40 people and entities -- including Russian commercial bank Transkapitalbank -- for operating a sanctions evasion network. The agency also issued two new general licenses authorizing certain transactions with the bank and sanctioned a range of companies for operating in Russia’s virtual currency mining industry.

Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching the title or by clicking on the hyperlinked reference number.