OFAC Issues Two Iran FAQs
The Treasury’s Office of Foreign Assets Control issued two Iran-related frequently asked questions to address its Dec. 11 designations of the Islamic Republic of Iran Shipping Lines (IRISL) and E-Sail Shipping Limited (see 1912110024). In FAQ 810, OFAC said the…
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two entities are also subject to prohibitions under the Weapons of Mass Destruction Proliferators Sanctions Regulations due to their designation by the State Department. In FAQ 811, OFAC specified that license exceptions for exports of food, medicine and other humanitarian items generally do not apply to parties sanctioned for weapons proliferation activities. U.S. exporters will not be able to ship “agricultural commodities, food, medicine, or medical devices” to IRISL and E-Sail, OFAC said. Exporters who ship those items “risk exposure to sanctions under additional authorities.” To avoid risks, U.S. exporters should make sure sales of those goods are completed no later than June 8, 2020, when the designations take effect, OFAC said.