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.
The Biden administration is emphasizing enforcement of Russia sanctions and export controls, making industry compliance with trade restrictions increasingly important, law firms said. Businesses should be taking several due diligence steps to avoid being caught in Russia-related sanctions evasion attempts, they said, and also can take action to protect their business operations in the Russia and Ukraine regions.
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 Biden administration needs more funding to bolster its sanctions and export controls targeting Russia, the White House told Congress this week. The administration specifically asked for more resources for the Bureau of Industry and Security as it enforces dual-use export restrictions and more staff and funding for the Treasury Department for “sanctions targeting.”
More countries are using cryptocurrencies to evade U.S. sanctions, a troubling trend that could damage U.S. sanctions regimes if not managed correctly, sanctions experts told Congress this week. The experts said lawmakers should provide more funding to the Treasury Department's Office of Foreign Assets Control to address the issue and should push for more public-private partnerships to help OFAC target cryptocurrency users.
The Treasury Department’s upcoming budget proposal will ask for more money to address sanctions evasion practices, Treasury Secretary Janet Yellen told a House Appropriations subcommittee May 27. Yellen said the agency is focused on limiting evasion tactics and is hoping to collaborate more with allies to address those issues and increase the overall effectiveness of economic sanctions.