Iran

Freshly Brewed
Global Trade
Iran
OFAC
Sanctions

New Executive Order: Targeting Iran’s Metals Sector

Yesterday, the Trump administration issued an Executive Order (“EO”) to take steps to deny Iran revenue derived from exports of Iranian metals that may be used to fund or support the proliferation of WMDs and terrorist activities.  According to the EO, US persons cannot operate or engage in the Iranian metals sector, engage in significant […]

Read More
Cases
Iran
OFAC
SDN

MID-SHIP Group: OFAC Settlement

Last week, OFAC announced that it has reached a $871,837 settlement with MID-SHIP Group LLC (“MID-SHIP”). The Settlement Agreement notes that in 2011, MID-SHIP (a ship broker) processed transfers of funds related to payments  for five apparent violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations. OFAC Notice, Settlement Agreement and Enforcement Information. Per the […]

Read More
Cases
Cuba
Global Trade
Iran
OFAC
Sanctions

Treasury Department’s OFAC – UniCredit Bank Settlements

Earlier this month, OFAC announced 3 settlements totaling $611M with 3 UniCredit Group Banks located in Germany, Austria and Italy.  This was a part of a $1.3B settlement of the banks with other federal and state governments and agencies. OFAC investigated the banks in connection with violations of US sanctions on Burma, Cuba, Iran, Libya, Sudan, […]

Read More
Global Trade
Iran
Sanctions

Sanctions Waivers on Iranian Oil No More

April 22, 2019:  The White House announced that it will not re-issue the significant reduction exceptions (SREs) that previously allowed companies outside of the US (Italy, Greece, Turkey, China, India, Taiwan, S Korea, Japan) to procure oil from Iran without running afoul of US Iran sanctions.  The current SRE is in effect until May 2, […]

Read More
Freshly Brewed
Global Trade
Iran
OFAC
Sanctions

Stanley Black & Decker OFAC Settlement: Iran Exports

March 28, 2019:  Yesterday, the Treasury Department issued a notice of settlement with Stanley Black & Decker, Inc. and its Chinese subsidiary for alleged violations of Iran sanctions.  The $1,869,144 settlement is related to allegations that in 2013 and 2014 the Chinese sub “exported and attempted to export 23 shipments of power tools and spare […]

Read More
Global Trade
Iran
OFAC
Sanctions
SDN

OFAC Designations: Iran Nuclear Research Participants

March 26, 2019:  Last week, OFAC added to the Iran SDN by sanctioning organizations and individuals in connection with an Iranian defense entity that was linked to Iran’s previous nuclear weapons efforts.  Altogether, OFAC and the U.S. Department of State designated 14 individuals and 17 entities.  For the full list of the entities and individuals […]

Read More
Global Trade
Iran
Sanctions

US Continues National Emergency with Iran

March 18, 2019:  On Tuesday of last week, the White House issued a release, noting that the President will continue the existing national emergency with respect to Iran declared in Executive Order 12957 for one year, beyond March 15, 2019. This is a summary.  Click here for the White House release.

Read More
Freshly Brewed
Global Trade
Iran
OFAC
Sanctions

ZAG IP, LLC: Iran #Sanctions Violations Settlement with OFAC

February 21, 2019: OFAC issued a notice earlier today that ZAG IP, LLC settled ($506K) potential civil liability for apparent violations of the Iranian sanctions. According to the notice, through five separate transactions, ZAG purchased a total of 263,563 metric tons of Iranian-origin clinker from a company located in the UAE, with knowledge that the […]

Read More
Global Trade
Iran
OFAC
Sanctions
SDN

OFAC Iranian Sanctions Designations

Last week, the Treasury Department’s Office of Foreign Assets Control (OFAC) issued a notice of designation of an Iran-based entity, New Horizon Organization, and 4 associated individuals that organized international conferences to support the Islamic Revolutionary Guard Corps-Qods Force’s (IRGC-QF’s) efforts to recruit and collect intelligence from foreign attendees, including U.S. persons. OFAC also designated a separate Iran-based entity, Net […]

Read More
EU
Freshly Brewed
Global Trade
Iran

#Iran #Sanctions; Special Purpose Vehicle

On January 31, 2019 France, Germany and the UK (“the E3”) announced INSTEX (Instrument for Supporting Trade Exchanges), the long-awaited Special Purpose Vehicle (SPV) that is designed to allow for legal trade between European businesses and Iran. The Joint Statement by the E3 Foreign Ministers notes that INSTEX will focus “initially on the sectors most essential to the […]

Read More
The Kitchen in your Inbox
See Us
Feeds from the Kitchen
Mention Us
LINKEDIN
Contact Us