NEW OFAC GENERAL LICENSE UNDER IRAN SANCTIONS REGIME FOR MAINTENANCE AND TRANSACTIONS INVOLVING COSCO SHIPPING TANKER (DALIAN) COMPANY LIMITED

On 24th October, the US Treasury advised the issue of new General Licence K (Authorizing Maintenance or Wind Down of Transactions Involving Cosco Shipping Tanker (Dalian) Co Ltd).  The License covers all transactions and activities prohibited under section 5 of Executive Order 13846 that are ordinarily incident and necessary to the maintenance or wind down of transactions involving, directly or indirectly, Cosco Shipping Tanker (Dalian) Co., Ltd., or any entity owned, directly or indirectly, 50% or more by Cosco Shipping Tanker (Dalian) Co., Ltd.  The License runs to 20th December.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191024.aspx

https://www.reuters.com/article/us-iran-nuclear-usa-cosco/u-s-gives-firms-time-to-wind-down-deals-with-cosco-unit-hit-by-iran-sanctions-idUSKBN1X324O

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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