On July 30, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) took significant action against Iranian military revenue generation. This involved targeting Oceanlink Maritime DMCC for facilitating the shipment of Iranian commodities on behalf of Iran’s Armed Forces General Staff (AFGS) and the Ministry of Defense and Armed Forces Logistics (MODAFL). Thirteen vessels managed by Oceanlink Maritime DMCC were identified as blocked property.
On July 30, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) took significant action against Iranian military revenue generation. This involved targeting Oceanlink Maritime DMCC for facilitating the shipment of Iranian commodities on behalf of Iran’s Armed Forces General Staff (AFGS) and the Ministry of Defense and Armed Forces Logistics (MODAFL). Thirteen vessels managed by Oceanlink Maritime DMCC were identified as blocked property. This move aims to disrupt Iran's ability to finance its terrorist proxy and partner groups, as well as support Russia's war efforts in Ukraine (U.S. Department of the Treasury).
Comprehensive Sanctions Against Russia's War Economy
On June 12, 2024, the U.S. Treasury, guided by G7 commitments, issued sweeping new measures to intensify pressure on Russia for its ongoing conflict in Ukraine. These measures include targeting over 300 individuals and entities involved in Russia’s war economy, expanding the risk of secondary sanctions for foreign financial institutions dealing with Russia, and restricting access to U.S. technology and IT services. This comprehensive approach is designed to isolate Russia’s financial system from international support and degrade its military capabilities (U.S. Department of the Treasury).
Recent Additions to the SDN List
In July 2024, OFAC updated the SDN List to include individuals and entities linked to non-proliferation, counter-terrorism, and other illicit activities. Notable additions include several Chinese nationals and companies involved in activities related to North Korea's weapons program. These actions are part of ongoing efforts to prevent the proliferation of weapons of mass destruction and curb the financial networks supporting such activities (OFAC).
These developments underscore the U.S. government's commitment to using financial sanctions as a tool to address national security threats and uphold international norms. For more detailed and up-to-date information, you can visit the OFAC Recent Actions page.