Executive Briefings

Treasury Sanctions Take Further Aim at Iran's Shipping

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced many changes to the agency's list of Specially Designated Nationals (SDN). The changes target a variety of persons, entities and vessels associated with the government of Iran and the Islamic Republic of Iran Shipping Lines (IRISL), which the department first designated in September 2008 pursuant to Executive Order 13382.

The Treasury Department designated five companies it said are aiding IRISL in evading sanctions, identified 27 new vessels as blocked property due to their connection to IRISL, and updated the entries for 71 already-blocked IRISL vessels to identify new names that Treasury said were given to them in order to evade sanctions.

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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced many changes to the agency's list of Specially Designated Nationals (SDN). The changes target a variety of persons, entities and vessels associated with the government of Iran and the Islamic Republic of Iran Shipping Lines (IRISL), which the department first designated in September 2008 pursuant to Executive Order 13382.

The Treasury Department designated five companies it said are aiding IRISL in evading sanctions, identified 27 new vessels as blocked property due to their connection to IRISL, and updated the entries for 71 already-blocked IRISL vessels to identify new names that Treasury said were given to them in order to evade sanctions.

Read Full Article