US expands Iranian Sanctions and issues shipping advisory
The Office of Foreign Assets Control has advised that the information be closely watched as they cast a wide net and the consequences for even unintentional violations are immense.
"The US Treasury's action against this sprawling petroleum network makes it explicitly clear that those purchasing Iranian oil are directly supporting Iran's militant and terrorist arm, the IRGC-Qods Force," said Treasury Secretary Steven Mnuchin.
"Our actions over the last two weeks should serve as a strong warning to anyone considering facilitating the Qods Force's oil sales that there will be swift consequences," Mnuchin said.
The information and advisory can be found below:
- OFAC Advisory to the Maritime Petroleum Shipping Community
- Full OFAC Press Release: Treasury Designates Vast Iranian Petroleum Shipping Network That Supports IRGC-QF and Terror Proxies
- Individuals have been added to OFAC's SDN List: Iran-related Designations added to OFAC's SDN List
- OFAC is updating existing FAQ 296 with new FAQs regarding bunkering of non-Iranian and Iranian vessels carrying goods to or from Iran: OFAC New and Amended Iran-related Frequently Asked Questions 9/5/2019
- DOJ Sentences Businessman for Conspiracy to Violate US Sanctions against Iran: DOJ- Turkish Businessman Sentenced to 27 Months Imprisonment
US issues guidance to address illicit shipping and sanctions evasion practices
The advisory includes a detailed set of best practices for private industry to consider adopting to mitigate exposure to sanctions risk.
The advisory updates and expands upon previous advisories issued by the US government. It is intended to provide actors that utilize the maritime industry for trade with information on and tools to counter current and emerging trends in sanctions evasion related to shipping and associated services. The advisory highlights common deceptive shipping practices used with respect to countries like Iran, Democratic People's Republic of Korea and Syria.
Iran sanctions: US Department of the Treasury bulletin
As mentioned in our update related to US Sanctions against Iran posted 22 August (Iran sanctions) the wind down period has now come to an end. In this respect, members should refer to the following bulletin sent by the U.S. Department of the Treasury yesterday:
The link on our website to the OFAC Iran sanction program links directly to the updated pages with OFAC.
Trading restrictions (Iran)
Trading restrictions imposed against Iran
Arms and strategic goods and services embargo
United Nations, European Union, United Kingdom, Australia, Canada and United States
Banking/Financial
European Union, United Kingdom, Australia, Canada and United States
Freezing of Assets
European Union, United Kingdom Canada, Japan and United States
Travel restrictions
United Nations, United Kingdom, European Union, Australia and United States
Iranian entities
United Nations, European Union, United Kingdom, Canada and United States
Ban on Iranian ships
Bahrain, Saudi Arabia
Related information
- European Union Regulations on Iran
- United Nations Security Council Resolutions on Iran
- United States
- UK sanctions on Iran relating to nuclear weapons
- UK sanctions on Iran relating to human rights
Trading restrictions imposed by Iran
According to information received from local contacts Israeli flagged / registered vessels, or those vessels with Israeli officers / crew on board will be subject to inspection upon arrival.
