All tagged OFAC

US Hits Iran 'Nuclear Enrichment Network' with Sanctions

◢ The US Treasury named a group of companies in Iran, Belgium and China to its sanctions blacklist Thursday for acting as a supply network for Tehran's nuclear enrichment program. The companies served as a procurement network for Iran's Centrifuge Technology Company (TESA), which produces enrichment centrifuges for the Atomic Energy Organization of Iran (AEOI), the Treasury said.

Mnuchin Warns Europe Not to Breach U.S. Sanctions on Iran

◢ Treasury Secretary Steven Mnuchin made clear that participating in the U.S. financial system means abiding by its sanctions amid a European effort to sidestep American economic pressure on Iran to continue trade. “We’ve been very clear that we expect U.S. sanctions to be adhered to,” Mnuchin said in response to questions from reporters on Thursday.

Iraq Sets Up 'Loophole' in US Sanctions to Buy Iranian Power

◢ Iraq is establishing a financial "loophole" to continue buying vital gas and electricity from Iran despite US sanctions, AFP has learned, mirroring a European mechanism that came into effect Friday. The "special purpose vehicle" (SPV) would allow Iraq to pay for imported Iranian energy in Iraqi dinars, which Iran could use to exclusively buy humanitarian goods, three senior Iraqi officials said.

Trump Sanctions Iran's Supreme Leader in Provocative Move

◢ President Donald Trump imposed sanctions on Iran’s supreme leader, Ayatollah Ali Khamenei, and eight senior military commanders, a provocative step designed to increase pressure on the Islamic Republic. Trump told reporters at the White House on Monday that the penalties would deny Khamenei and his office access to financial resources.

US Blacklists Iraq Firm as Revolutionary Guard Guns Front

◢ The US Treasury placed Iraq-based South Wealth Resources on its sanctions blacklist Wednesday, saying the company is an important weapons trafficking and financial front for Iran's Islamic Revolutionary Guard Corps. The Treasury said the company, Manabea Tharwat al-Janoob General Trading Company, was used by the IRGC to smuggle "hundreds of millions of dollars' worth" of weapons to IRGC allies in Iraq. 

US Hits Iran Petrochemical Group PGPIC with Sanctions

◢ The United States has hit Iran's petrochemical group PGPIC with economic sanctions due to its ties with the country's Revolutionary Guards (IRGC), the Treasury Department announced on Friday. The move aims to choke off financing to the country's largest and most profitable petrochemical group and extends to its 39 subsidiaries and "foreign-based sales agents," Treasury said in a statement.

Schlumberger Workers Sought by U.S. on Iran, Sudan Sanctions

◢ The US government has interviewed one Schlumberger Ltd. worker and wants access to four other current and former employees as part of a probe into potential sanctions violations in Iran and Sudan, according to federal court documents. The unnamed worker for the world’s biggest oil-services provider was interviewed on March 8 about a matter related to a company Schlumberger acquired in 2014.

UniCredit Said Near $900 Million Sanctions Accord With U.S.

◢ UniCredit SpA is nearing an agreement with US authorities over allegations that the bank provided dollar-clearing services to Iranian clients in violation of US sanctions, people with the knowledge of the matter said. The deal would cost the Italian lender about USD 900 million but spare it from criminal prosecution, the people said.

U.S. Sanctions Two Dozen People, Entities Over Ties to Iran

◢ The US Treasury Department sanctioned 25 individuals and entities it accused of transferring more than USD 1 billion dollars and euros to the Islamic Revolutionary Guard and Iran’s defense ministry. Some of the people and entities obtained millions of dollars worth of vehicles for the defense ministry, the Treasury Department said in a statement Tuesday.

Trump's Sanctions Staff Defects as U.S. Expands Economic War

◢ The U.S. office in charge of financial sanctions, President Donald Trump’s favorite weapon against American adversaries, risks being hobbled by staff departures due to management turmoil and growing private-sector demand for its expertise. Trump has nearly doubled the number of people and companies under U.S. sanctions. But in the last two years, about 20 staff have left the office in charge of implementing and enforcing sanctions.

Australian Gets 2 Years in Jail for Iran Trade

◢ An Australian man was sentenced to two years in prison in Washington Thursday for exporting restricted aviation equipment to Iranian buyers in violation of US restrictions. The exports took place in 2007-2008. At the time Levick was general manager of ICM Components, Inc., located in Thornleigh, Australia.

Boeing Stuck in Iran Creates Headaches for Norwegian Airline

◢ Norwegian Air Shuttle said Friday one of its Boeing 737s has been stuck in Iran for three weeks after an unscheduled landing due to engine problems, as US restrictions reportedly create headaches for the airline and possibly passengers. The aircraft was en route from Dubai to Oslo with 192 passengers and crew members on board when it carried out a "safety landing" in Shiraz in southwestern Iran because of engine trouble.

US Sanctions Iran for Shipping Oil to Syria

◢ The US slapped fresh sanctions on Iran Tuesday, accusing it of creating a complex web of Russian cut-out companies and Syrian intermediaries to ship oil to Damascus, which in turn bankrolled Hezbollah and Hamas. The US considers both Hezbollah, a powerful Lebanese militia, and Hamas, the Palestinian Islamist group that controls the Gaza Strip, to be terrorist organizations.

Societe Generale Fined $1.3 Bn for US Sanctions Violations

◢ US officials fined Societe Generale USD 1.3 billion after charging the French bank with violating US sanctions on Cuba, Iran and other countries in a criminal settlement unveiled Monday. The financial penalty is the second largest ever on a financial institution for violating US sanctions.

Europeans Want Iran Bank Connected to World: French Senator

◢ European nations are seeking to ensure at least one Iranian bank stays connected to the world after the US imposed new sanctions against the country, a French senator said in Tehran on Sunday. The United States pulled out of a landmark 2015 nuclear deal with Iran in May and has been reimposing punishing sanctions on the Islamic republic, targeting in particular its financial system.

Iran Calls US Sanctions on Paramilitary Force 'Blind Vindictiveness'

◢ Iran called new US sanctions against its paramilitary Basij group an act of "blind vindictiveness" on Tuesday. "America's new sanctions are a clear insult to international and legal mechanisms and a result of the American government's blind vindictiveness against the Iranian nation," said foreign ministry spokesman Bahram Ghasemi.

US Announces Sanctions on Key Iranian Paramilitary Force

◢ The US Treasury Department on Tuesday slapped sanctions on an Iranian paramilitary group along with a network of businesses that were providing it financing, as part of Washington's campaign of maximum economic pressure against Tehran. In announcing the sanctions, Treasury said a network of more than 20 businesses known as the Bonyad Taavon Basij was financing the Basij Resistance Force.