The Office of Foreign Assets Control this week renewed a Venezuela-related license that authorizes certain transactions related to exports or reexports of liquefied petroleum gas to Venezuela (see 2107120054). General License No. 40A, which replaces General License No 40, is valid through 12:01 a.m. EDT July 12, 2023. The license was scheduled to expire July 8.
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.
The U.N. Security Council last week amended one entry on its sanctions list. The UNSC updated the information for Pak Chun Il, who served as the North Korean ambassador to Egypt, to say he "concluded his tour of duty" and left Egypt Nov. 15, 2016.
The U.K. added seven new entries to its Russia sanctions list while imposing new trade restrictions on Belarus in response to the continued invasion of Ukraine.
The State Department declined to say whether the U.S. will impose financial sanctions against the Chinese companies accused by the Commerce Department last week of helping Russia evade export controls. Rep. Michael McCaul, R-Texas, last week called on the agency to impose the sanctions (see 2206300007) and go beyond Commerce’s move of adding them to the Entity List (see 2206280056).
The Office of Foreign Assets Control last week issued a reminder to industry to file annual reports on blocked property by Sept. 30. The notice applies to blocked property held as of June 30. OFAC provided filing forms and guidance on filing the reports.
Switzerland announced June 29 it's imposing further sanctions on Russia over its invasion of Ukraine, implementing the EU's most recent sanctions package, which includes an embargo on crude oil and certain refined petroleum products from Russia. The Swiss Federal Council said the sanctions package also adds more than 100 Russian and Belarusian individuals and entities to the sanctions list and bans services related to the oil and petroleum products trade, including insurance or reinsurance for the transport of oil to any destination. The package also bans a number of financial and professional services such as auditing, public relations or consulting for Russian firms. Unlike the EU's sanctions package, Switzerland didn't ban the awarding of public contracts to Russian individuals or organizations with links to the country.
The Office of Foreign Assets Control this week amended the Global Terrorism Sanctions Regulations to implement a Sept. 9, 2019, counterterrorism executive order. The amendments, which take effect July 1, implement the provisions of executive order 13886, “Modernizing Sanctions To Combat Terrorism” that amended sections 1(a) and 5 of Executive Order 13224. The change blocks all property and interests in property that are in the U.S. of persons listed in the amended Annex to E.O. 13224, foreign persons determined by the secretary of state to have committed or have attempted to commit acts of terrorism. It also makes certain "technical and conforming changes" to the regulations.
The U.K. added new entries to its Russia and Syria sanctions regimes in a pair of notices June 29. Under its Russia sanctions list, the Office of Financial Sanctions Implementation added entries for eight individuals and five entities. The listed entities are the Joint Stock Company Marshal.Global, Joint Stock Company Moscow Industrial Bank, JSC Kolmar Group, JSC New Opportunities and R-Style Softlab.
The U.K. penalized energy company Tracerco for violating its sanctions regime on Syria, the Office of Financial Sanctions Implementation announced in a June 29 update. The penalty, which was imposed in May, was about $18,000 and for making funds available to benefit a sanctioned entity without a license from OFSI.