Tag: US Sanctions

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on a foreign broker, involved in an international oil smuggling network that supports Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

Oil shipping companies have tightened operational guidelines and use technology to prevent accidental breaches of sanctions.

Reports began circulating this week in which Iran claimed an agreement has been reached with the US to remove all insurance, oil, and shipping sanctions that have been imposed by the US on Iran.

Iran said on Wednesday that the United States agreed to remove all sanctions on Iran's oil and shipping, amid talks to revive a 2015 nuclear deal, Reuters news agency informed.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued three separate and related general licenses (GLs) relevant to the sanction programmes targeting Iran, Syria, and Venezuela.

On 1 June 2021, the US Office of Foreign Assets Control (OFAC) extended the provisions of General License 8G, authorizing certain PdVSA-related transactions and activities for some US-based energy corporations. 

The Biden administration implemented a ban on all U.S. investment in four of China's biggest maritime players, including world's largest shipbuilder, China State Shipbuilding Corporation (CSSC).

US Department of the Treasury recently informed that the US has blacklisted 13 Russian vessels, involved in the construction of the Nord Stream 2 gas pipeline project.

The US State Department reiterated its warning that any entity involved in the Nord Stream 2 pipeline risks US sanctions and should immediately abandon work on the pipeline. This warning comes after the US expanded its sanctions targeting the Nord Stream 2 project, last summer. 

Iran said that a U.S. move this month to seize a cargo of oil on the grounds that it came from Tehran was an act of piracy, noting that the shipment did not belong to the Iranian government.