The European Union will consider more sanctions against Venezuela if Nicolas Maduro's regime does not soon begin a “transition process” to cede power, the European Council said in a Jan. 6 news release. The council called Venezuela’s December elections undemocratic and said the country “urgently” needs a political solution. “The lack of political pluralism and the way the elections were planned and executed, including the disqualification of opposition leaders, do not allow the EU to recognise this electoral process as credible, inclusive or transparent,” the council said. “The EU stands ready to support such a process. It also stands ready to take additional targeted measures.”
The Office of Foreign Assets Control Jan. 6 issued two new frequently asked questions related to President Donald Trump’s November executive order to ban U.S. investment in Chinese military companies (see 2011130026). In FAQ 863, OFAC said U.S. people can “custody, offer for sale, serve as a transfer agent and trade” in securities covered by the order “to the extent that such support services are not provided to U.S. persons in connection” with certain “prohibited transactions.” Those transactions include “clearing, execution, settlement, custody, transfer agency, back-end services, as well as other such support services,” OFAC said.
The Office of Foreign Assets Control Jan. 5 issued two new frequently asked questions and amended two other FAQs to clarify sanctions against Russia under the Countering America’s Adversaries Through Sanctions Act. The FAQs cover OFAC’s non-blocking menu-based sanctions, certain definitions and other sanctions clarifications.
The United Nations Security Council urged member states to more “actively” work with its sanctions committee to counter individuals and groups related to the Islamic State in Iraq and the Levant (ISIL/Da’esh) and al-Qaida, and to submit more listing and designation requests, a Dec. 29 UNSC news release said. The council said more designation requests will help keep the U.N. sanctions list “reliable and up to date.” It advocated for an “analytical support and sanctions monitoring team” to study sanctions exemption procedures set out in a 2017 resolution, and to report to the committee within three months its analysis, including whether the exemptions should be updated.
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.
U.S. people and entities do not need to divest their holdings in publicly traded securities of Chinese military companies by Jan. 11 despite President Donald Trump’s Nov. 12, 2020, executive order banning future investments in the companies, the Treasury Department said Jan. 4 (see 2011130026). Treasury said U.S. “persons,” including U.S. funds and “related market intermediaries and participants,” are not required by Jan. 11, 2021, to divest from securities of the entities listed by the order, including “securities that are derivative of, or are designed to provide investment exposure to, such securities.” People and companies may make certain divestments involving the Chinese military companies through Nov. 11, 2021, as long as those securities were held as of 9:30 a.m. EST Jan. 11, 2021, the order said. Treasury recently issued guidance on what types of investment transactions are banned (see 2012290017).
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.
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.