OFAC: IRAN- AND RUSSIA-RELATED DESIGNATIONS UPDATES, AND  ISSUANCE OF IRAN-RELATED GENERAL LICENSE AND GUIDANCE

On 2 March, OFAC advised that it had issued new General License O “Authorizing wind-down and limited safety and environmental transactions involving certain vessels” and 2 related FAQ.  It also added a number of new entries to its Iran- related sanctions lists, including the BUSHEHR PETROCHEMICAL COMPANY of Iran, the GLOBAL MARINE SHIP MANAGEMENT CO LTD (aka FENGHUI SHIP MANAGEMENT CO LTD and GLOBAL MARINE SHIP MANAGEMENT CO LIMITED), the SHANGHAI XUANRUN SHIPPING COMPANY LIMITED, the SHIRAZ PETROCHEMICAL COMPANY  (aka SPC) of Iran, the SWEDISH MANAGEMENT CO SA of the UAE; and a number of ships linked to the above companies.  It also amended 4 existing entries for entities on the Russia sanctions lists.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20230302

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1119

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1120

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 View all posts by raytodd2017