The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Wednesday (4 September) issued an advisory to alert the shipping industry to significant U.S. sanctions risks for parties involved in shipping petroleum or petroleum products from Iran.
The oil shipments from Iran create significant sanctions risk for entities and individuals in the shipping industry, including shipping companies, vessel owners, managers, operators, insurers, and financial institutions.
“Those who knowingly engage in significant transactions for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran — or knowingly provide significant support to an Iranian person on OFAC’s List of Specially Designated Nationals and Blocked Persons (SDN List), such as the National Iranian Oil Company (NIOC), the National Iranian Tanker Company (NITC), and the Islamic Republic of Iran Shipping Lines (IRISL) — are at serious risk of being targeted by the United States for sanctions, regardless of the location or nationality of those engaging in such activities,” it stated.
“Further, persons providing bunkering services to vessels transporting petroleum or petroleum products from Iran risk being subject to sanctions unless an applicable waiver or exception applies. The United States continues to take strong action to deny the Government of Iran funds derived from the illicit exportation of petroleum or petroleum products from Iran.”
Additionally, the United States said it is targeting private and public sector entities around the world that engage in sanctionable conduct, including those involved in procuring petroleum and petroleum products from Iran to Syria, China, and elsewhere.
To date, U.S. OFAC added several individuals, companies and vessels to its sanctioned list on 4 September; the entities included Singapore-based Mehdi Offshore and Ship Management Pte. Ltd., a subsidiary of the Mehdi Group.
The latest entities designated as blocked property pursuant to Executive Order 13599 is available here.
Published: 9 September, 2019
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