News

CLIENT ALERT: THE UNITED STATES DESIGNATES FOREIGN SHIPPING ENTITIES TO THE SDN LIST UNDER THE IRANIAN SANCTIONS

September 25, 2019

Introduction

Today the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued new Iran-related sanctions targeting several non-U.S. individuals and companies who are involved in the shipping industry. These individuals and companies have been added to the Specially Designated Nationals (“SDN”) list after being determined by OFAC to meet the criteria for the imposition of sanctions under Executive Order (“E.O.”) 13846. E.O. 13846 was issued in August 2018 and re-imposed U.S. sanctions with respect to Iran (including its secondary sanctions) after the U.S. exited the Joint Comprehensive Plan of Action.

To read the full Client Alert, click HERE.