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

On 24^th 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 20^th 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

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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 View all posts by raytodd2017