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Restrictions & Sanctions

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:


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

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.

 

Restrictions & sanctions (Iran)

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