On the 40th anniversary of the Iranian takeover of the U.S. Embassy in Tehran and the hostage-taking of more than 50 U.S. diplomats and officials, the United States announced November 4, 2019, a further tightening of sanctions on Iran. In its statement supporting these sanctions, the White House explained, “The Iranian regime continues to

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a new “humanitarian mechanism” to ensure transparency in humanitarian trade with Iran. According to OFAC, this mechanism “will help the international community perform enhanced due diligence on humanitarian trade to ensure that funds associated with permissible trade in support of the Iranian

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a long-awaited final rule prohibiting the opening or maintaining of correspondent accounts in the United States for, or on behalf of, Iranian financial institutions, and the use of foreign financial institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving Iranian

In September, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) continued to tighten its sanctions on Iran and Venezuela, and addressed a sanctions-evading scheme for Syria involving several Russian entities.

  • Iran: On September 20, 2019, OFAC announced that it was designating the Central Bank of Iran (CBI), the National Development

In the past week, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has continued to increase pressure on Iran and North Korea by further identifying certain individuals and entities in the shipping sector as engaging in illicit activities and tightening related economic sanctions.

On August 30, 2019, OFAC designated two individuals, three

Following a week of escalating tensions, allegations that Iran attacked two oil tankers in the Gulf of Oman, Iran’s threat to increase its stockpile of enriched uranium, and its acknowledged downing of an unmanned U.S. drone, President Donald Trump responded on June 24, 2019 by issuing an executive order sanctioning the Supreme Leader of Iran,

On June 7, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Iran’s largest petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC). In addition to PGPIC, OFAC placed 39 PGPIC subsidiaries and foreign-based sales agents on its Specially Designated Nationals (SDN) List. According to OFAC, PGPIC was sanctioned for having

President Donald Trump has announced further action against Iran by imposing sanctions on its iron, steel, aluminum and copper sectors, the country’s largest non-petroleum-related sources of export revenue. In an executive order, the president implemented blocking sanctions on any person determined by the secretary of the Treasury, in consultation with the secretary of State,

On April 9, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $639,023,750 settlement with Standard Chartered Bank (SCB), a UK-based financial institution, over potential civil liability related to alleged violations of the now-repealed U.S. economic sanctions on Burma and Sudan and the continuing sanctions on Cuba, Iran and