The Office of Foreign Assets Control this week sanctioned four entities and three people in Iran and Turkey for procuring equipment for Iran’s drone and weapons programs. The designations target Farazan Industrial Engineering, a company that has tried to buy tens of thousands of dollars’ worth of European turbine engines for Iran’s unmanned aerial vehicles and missiles, and its managing director Amanallah Paidar. Also sanctioned were Iran’s Defense Technology and Science Research Center; Murat Bukey, a procurement agent; Ozone Havacilik Ve Savunma Sanayi Ticaret Anonim Sirketi, which facilitates Bukey’s business with Iran; Asghar Mahmoudi, who has provided marine electronics to Iran; and Selin Technic, used as a front company by Mahmoudi.

The Office of Foreign Assets Control this week published a previously issued Russia sanctions determination and general licenses. One notice includes a previously issued Russia-related sector determination published under April 15, 2021, executive order, and the others include previously issued general licenses under the Russian Harmful Foreign Activities Sanctions Regulations.

The U.N. Security Council last week revised 102 entries on its ISIL (Da’esh) and al-Qaida sanctions list. The changes include “technical amendments” to each entry, the council said.

Canada this month banned imports of aluminum and steel products from Russia, including railway track construction materials, cast iron tubes and pipes, iron and steel sheet piling and more. Canada has imposed a range of sanctions and import restrictions against Russia since it invaded Ukraine, including prohibitions on Russia’s oil, gas and chemical sectors (see 2207110008).

The Financial Action Task Force officially suspended Russia's membership, the Treasury Department’s Financial Crimes Enforcement Network told U.S. banks this month. The FATF -- which establishes international standards for financial institutions to combat terrorist financing, money laundering and weapons proliferation -- noted Russia’s “actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system,” FinCEN said.

The Office of Foreign Assets Control this week sanctioned three people in Bosnia and Herzegovina for “undermining stability and perpetuating corruption.” The designations target Osman Mehmedagic, director general of the country’s Intelligence Security Agency; Dragan Stankovic, director of the Republika Srpska Administration for Geodetic and Property Affairs; and Edin Gacanin, “one of the world’s most prolific drug traffickers.” The three “constitute a threat to regional stability, institutional trust, and the aspirations of those seeking democratic governance in the Western Balkans,” Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, said March 15.

The Indian government has asked its banks and traders to adhere to Western sanctions imposed against Moscow, including the price cap on oil set by G-7 countries, Bloomberg reported March 12. Although India has reportedly increased its purchases of Russian energy to take advantage of discounted prices, the country is buying oil “well below” the price cap, the report said, and is not looking to breach other sanctions imposed against Moscow.

The countries behind INSTEX, the European payment system designed to allow countries to trade with Iran despite U.S. sanctions (see 1907010057 and 1905300035), said they will dissolve the system because of hurdles created by Iran. In a March 9 joint statement, Germany, France and the U.K. said Iran agreed only to a “single transaction” (see 2004010016) and “consistently and deliberately blocked other proposals for transactions.”

President Joe Biden last week extended for one year beyond March 15 a national emergency that authorizes certain sanctions related to Iran. The White House said Iran continues to participate in the "proliferation and development of missiles and other asymmetric and conventional weapons capabilities," support terrorist groups and otherwise threaten U.S. national security.

The U.N. Security Council and the U.K. last week removed two Iraq-related entries from their sanctions lists. The update removes the entries for Ayad Futayyih Khalifa Al-Rawi and Humam Abd-al-Khaliq Abd-al-Ghafur.