OFAC Blocks Shipping Companies and Vessels Linked to Iran’s Petroleum and Petrochemical Sectors
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
OFAC adds several shipping companies and vessels to the U.S. sanctions list because of links to Iran’s petroleum and petrochemical sectors. Their property under U.S. jurisdiction is blocked, and U.S. persons generally cannot do business with them. Companies involved in shipping, insurance, finance, commodities, and trade compliance should screen the named entities, vessels, IMO numbers, and related ownership interests before transactions. Non-U.S. businesses with U.S. touchpoints may also face risk if they deal with the listed parties.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Adds named shipping companies to OFAC’s SDN List for activity tied to Iran’s petroleum or petrochemical sectors
- Blocks property and interests in property of the listed parties that fall under U.S. jurisdiction
- Identifies listed vessels as property connected to blocked persons, requiring sanctions screening before maritime transactions
Obligations
What this law requires
Block all property and interests in property of the listed persons and vessels that are subject to U.S. jurisdiction.
Do not engage in transactions with the persons and vessels added to OFAC's SDN List unless authorized by OFAC.
Treat vessels identified on the SDN List as blocked property where a blocked person has an interest.
Screen the named entities, vessels, IMO numbers, and related ownership interests before entering shipping, insurance, finance, commodities, or trade transactions involving U.S. jurisdiction or U.S. persons.