The United States announced that economic sanctions would be imposed against an additional 18 designated Iranian individuals and entities variously supporting Iran’s ballistic missile program, its military procurement and its Islamic Revolutionary Guard Corps (IRGC).
These actions were taken pursuant to an Executive Order (originally issued in 2005) which targets proliferators of weapons of mass destruction and their means of delivery (and supporters of such activity), and to an Executive Order which targets transnational criminal organizations, the American P&I Club informed.
These new sanctions are being implemented by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC)’s inclusion of these additional Iranian sanctions targets on its List of Blocked Persons and Specially Designated Nationals (SDNs).
These designations mean that transactions and activities with, or involving, the newly-designated entities by US persons, or where there is a US nexus, are prohibited (in the absence of a license issued by OFAC).
The American Club notes that any insurance cover that the Club may provide for vessels trading with Iran excludes cover for, inter alia, any claims by or from SDNs designated as nuclear proliferators, which now include the SDNs.
