Export Compliance Daily is providing readers with some of the top stories for June 8-12 in case you missed them.
Oil tankers are steering clear of Venezuelan waters as the industry braces for a host of U.S. sanctions on ships operating in the Venezuelan oil sector, according to a June 9 Reuters report. Reuters previously reported the U.S. is preparing sanctions on dozens of foreign oil tankers for doing business with Venezuela, which could include designations on at least 40 ships. The move could lead to sharp increases in tanker rates and disrupt the global shipping industry, Reuters said.
Export Compliance Daily is providing readers with some of the top stories for June 1-5 in case you missed them.
The Treasury’s Office of Foreign Assets Control updated more than 100 Iran-related sanctions entries on its Specially Designated Nationals List, according to a June 8 notice. OFAC did not immediately provide more information about the changes.
The Treasury Department’s Office of Foreign Assets Control on June 5 issued a series of frequently asked questions to clarify a January executive order that expanded U.S. sanctions authority against Iran (see 2001100050). The FAQs clarified that the U.S. will not target Iranian medical manufacturers, defined the sectors of Iran’s economy referenced in the order and specified which goods and services may be targeted. Before this guidance, the agency had done little to define the broad scope of the order, which was causing confusion about the reach of the authorities and the Iranian sectors that would be subject to expanded sanctions (see 2001170034).
An aircraft holding company is suing the Treasury Department after the agency blocked a transaction involving the company and an alleged Specially Designated Global Terrorist, according to court records filed June 2. In the lawsuit, Seychelles-registered Askan Holdings, owned by Romania-based Transylvania International Airlines SRL, argued that no sanctioned party was involved in the transaction and said the Treasury’s Office of Foreign Assets Control failed to identify the blocked party or grant Askan a license. Askan is asking a court to order OFAC to grant the license or to stop blocking the transaction.
The Treasury Department’s Office of Foreign Assets Control announced regulations to implement an October executive order authorizing certain Syria-related sanctions, OFAC said in a June 4 notice. The notice includes detailed descriptions of the regulations, including transactions that are blocked, definitions, licensing procedures and penalties for violations. OFAC said it plans to release a “more comprehensive” set of regulations, including potential guidance documents and general licenses. The regulations take effect June 5.
The Treasury’s Office of Foreign Assets Control sanctioned four companies and four vessels for operating in Venezuela's oil sector, according to a June 2 press release. The designated entities include Marshall Islands-based Afranav Maritime Ltd., owner of the Panamanian-flagged Athens Voyager; Greece-based Seacomber Ltd., owner of the Maltese flagged Chios I; Marshall Islands-based Adamant Maritime Ltd., owner of Bahamian-flagged Seahero; and Marshall Islands-based Sanibel Shiptrade Ltd., owner of the Marshall Islands-flagged Voyager I.
The Trump administration is ending sanctions waivers for certain activities with nuclear projects in Iran, the State Department said May 27. The move will end waivers covering “all remaining” Iranian nuclear projects that originated under the Joint Comprehensive Plan of Action, which allowed Chinese, Russian and European companies to work on Iranian nuclear sites.
The Treasury’s Office of Foreign Assets Control sanctioned two senior Nicaraguan government officials for human rights violations and corruption, Treasury said in a May 22 press release. The sanctions target Julio Cesar Aviles Castillo, the commander-in-chief of the Nicaraguan Army, and Ivan Adolfo Acosta Montalvan, the Minister of Finance and Public Credit.