The United Kingdom’s Office of Financial Sanctions Implementation issued a Jan. 4 guidance on the U.K.’s financial sanctions against Libya, detailing the types of asset freezes the U.K. can enforce. The guidance also covers how the U.K. prohibits transactions involving Libyan oil aboard ships designated by the United Nations, how the sanctions affect subsidiaries of sanctioned entities and how the U.K. determines ownership.
The U.S. sanctioned one person and 16 entities for their involvement in Iran’s metal sector, the Treasury Department said Jan. 5. The sanctions target Kaifeng Pingmei New Carbon Materials Technology Co., Ltd. (KFCC), a Chinese graphite electrode supplier; 12 Iranian steel producers, including the Middle East Mines and Mineral Industries Development Holding Co.; and three foreign sales agents of an Iranian metals company. The State Department also sanctioned KFCC, Islamic Republic of Iran Shipping Lines subsidiary Hafez Darya Arya Shipping Co. and Majid Sajdeh, a principal executive officer of Hafez Darya.
The State Department announced sanctions and other penalties on entities and people for “significant transactions” involving Iranian petroleum products, a Jan. 6 notice said. The sanctions apply to Arya Sasol Polymer Company, Binrin Limited, Bakhtar Commercial Company, Kavian Petrochemical Company, Strait Shipbrokers PTE Ltd., Amir Hossein Bahreini, Lin Na Wei, Murtuza Mustafamunir Basrai, Hosein Firouzi Arani and Ramezan Oladi, the notice said. The penalties include prohibitions on certain foreign exchange transactions, transfers of credit, asset freezes, investment restrictions, and import restrictions on goods, technology or services from the entities.
Export Compliance Daily is providing readers with the top stories for Dec. 28-31 in case you missed them. You can find any article by searching on the title or by clicking on the hyperlinked reference number.
The Bureau of Industry and Security renewed its temporary export control on certain artificial intelligence software as it prepares to propose the control at multilateral control groups. The control, first issued in January 2020 (see 2001030024), placed unilateral restrictions on geospatial imagery software, adding it to the 0Y521 Temporary Export Control Classification Numbers Series. BIS extended the control for one year, effective Jan. 6, a notice said.
A federal district court judge blocked the Trump administration from enforcing certain sanctions related to the International Criminal Court, saying the sanctions violate free speech rights. The decision, issued Jan. 4 by Judge Katherine Polk Failla in the Southern District of New York, imposes a preliminary injunction on certain sanctions under the International Emergency Economic Powers Act outlined in President Donald Trump’s June executive order against the ICC (see 2006110028 and 2009300003).
The Office of Foreign Assets Control accepted a settlement from a French bank of than $8.5 million for apparent violations U.S. sanctions against Syria, OFAC said in a Jan. 4 notice. Union de Banques Arabes et Françaises (UBAF) operated U.S. dollar accounts for Syrian financial institutions and “indirectly conducted USD business” for those accounts on behalf of the institutions through the U.S. financial system, OFAC said. UBAF agreed to remit $8,572,500 to settle its potential civil liability for 127 “apparent violations.”
The Office of Foreign Assets Control Dec. 31 released its annual terrorist assets report for 2019. The report includes an overview of OFAC terrorism sanctions, their impact, enforcement measures and a summary of blocked assets.
The Office of Foreign Assets Control Jan. 4 issued a revised general license that continues to authorize certain transactions (see 1908060048) with Venezuela's “Interim President” Juan Guaido, his staff and others operating under his government. OFAC also amended frequently asked question 679, which outlines the people and entities covered by general license No. 31A.
Export Compliance Daily is providing readers with some top stories for 2020 in case they were missed.