The Office of Foreign Assets Control on Aug. 24 announced a $415,350 settlement with COSL Singapore Ltd., for apparent violations of the Iranian Transactions and Sanctions Regulations, after COSL used subsidiaries in a plan to export 55 orders of oil rig supplies to four oil rigs in Iranian territorial waters. According to OFAC, COSL Singapore exported or attempted to export the supplies between approximately Oct. 7, 2011, and Feb. 20, 2013, to Singapore and the United Arab Emirates, then re-exported or attempted to re-export the supplies to the Iranian oil rigs. COSL Singapore didn’t voluntarily self-disclose the apparent violations to OFAC, and the agency determined the apparent violations constitute a non-egregious case, OFAC said.

Treasury issued a general license on Aug. 25 to authorize “new debt transactions” related to exports of agricultural and medical products to Venezuela, after President Donald Trump on Aug. 24 signed an executive order imposing a new batch of financial sanctions on the nation. “General License 4” authorizes financing and all transactions related to “new debt” related to the export or re-export from the U.S. or by a U.S. person of agricultural goods, medicine, medical devices, or replacement parts and components of medical devices to Venezuela, or to third-country persons buying specifically for resale to the country. Notwithstanding the general license, the transactions must comply with other agencies’ export application requirements and the Export Administration Act of 1979. Treasury also will allow exports and imports of petroleum to continue despite the sanctions, the White House said in a statement.

The Office of Foreign Assets Control added five individuals and seven entities to its Specially Designated Nationals (SDN) list under North Korea designations, and one individual and three entities under nonproliferation designations, OFAC said. OFAC also removed 46 entries from its SDN list under Kingpin Act designations, four entries under transnational criminal organization designations, two entries under counterterrorism designations, and 64 entries under Cuba designations. Finally, OFAC updated one entity under transnational criminal organization designations and one individual under Kingpin Act designations.

The Office of Foreign Assets Control has added 30 individuals and 43 entities to its Specially Designated Nationals (SDN) list, under Venezuela and Kingpin Act designations, and has made two changes to entries for individuals under nonproliferation designations, OFAC said.

The Office of Foreign Assets Control has added one individual to its Specially Designated Nationals (SDN) list, under Venezuela designations, OFAC said.

The Treasury Department is issuing a current list of countries that require or may require participation in, or cooperation with, an international boycott. The list includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, the United Arab Emirates and Yemen, the same as the last two iterations of the list, which were released in December (see 1612010013) and March (see 1703290008).

The Office of Foreign Assets Control has added six entities to its Specially Designated Nationals (SDN) list, under nonproliferation designations, OFAC said July 26 (here).

The Office of Foreign Assets Control has added 13 individuals to its Specially Designated Nationals (SDN) list, under Venezuela designations, OFAC said July 26 (here).

The Office of Foreign Assets Control added one individual to and updated the entry for one entity on its Specially Designated Nationals (SDN) list, under counterterrorism designations, OFAC said (here).

The Office of Foreign Assets Control has added seven individuals and 11 entities to its Specially Designated Nationals (SDN) list, under transnational criminal organizations and nonproliferation designations, OFAC said July 18 (here).