OFAC Announces Iran Sanctions, Issues GL, Revises FAQs
The Office of Foreign Assets Control sanctioned eight people, 11 entities and two vessels for operating in Iran’s oil sector and supporting the country’s Islamic Revolutionary Guard Corps-Qods Force, OFAC said Oct. 26. OFAC also issued an updated Iran-related general license and amended six frequently asked questions.
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The sanctions target Iran’s Ministry of Petroleum, the National Iranian Oil Company (NIOC), the National Iranian Tanker Company and several entities and people associated with those entities, including front companies, ships, subsidiaries and senior executives. The agency also designated four people involved in a recent sale of Iranian gasoline to the Nicolas Maduro regime in Venezuela.
General License No. 8A, which replaces No. 8 (see 2002270017), authorizes certain transactions with the Central Bank of Iran, the NIOC and any entity owned 50% or more by NIOC. The license authorizes certain humanitarian transactions with those entities, as outlined in FAQs 821, 822, 823, 825, 828 and 844.