Tag Archives | Office of Foreign Assets Control (OFAC)

US Treasury Sanctions more Iranian Entities

The United States’ Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned five Iran-based entities subordinate to a key element of Iran’s ballistic missile program. Shahid Kharrazi Industries, Shahid Sanikhani Industries, Shahid Moghaddam Industries, Shahid Eslami Research Center, and Shahid Shustari Industries are being designated pursuant to Executive Order (E.O.) 13382 for being owned or […]

New US Sanctions over Iran: Full Details

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated a network of individuals and entities involved in a large-scale scheme to help Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) counterfeit currency to support its destabilizing activities. This network employed deceptive measures to circumvent European export control restrictions and procured advanced […]

US Issues Sanctions against IRGC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday designated Iran’s Islamic Revolutionary Guard Corps (IRGC) pursuant to the global terrorism Executive Order (E.O.) 13224 and consistent with the Countering America’s Adversaries Through Sanctions Act. OFAC designated the IRGC today for its activities in support of the IRGC-Qods Force (IRGC-QF), […]

Due Diligence in Iran “Can Trigger Sanctions Violations”

The recent settlement agreed between the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and IPSA International Services of Phoenix, Arizona, highlights the risk that companies face when engaging third-party consultants to perform due diligence on counterparties in Iran. So says a paper from Washington-based legal and lobbying firm Akin Gump Strauss Hauer […]

OFAC agrees settlement with IPSA International Services

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $259,200 settlement with IPSA International Services, Inc. (IPSA) of Phoenix, Arizona. IPSA agreed to settle its potential civil liability for 72 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR). The apparent violations involve, on […]

Singaporean Firm Fined for Violating Sanctions

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $415,350 settlement with COSL Singapore Ltd, headquartered in Singapore, to settle COSL Singapore’s potential civil liability for 55 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR). Between on or about October 7, 2011 to […]

US Firm Fined for Violating US Sanctions on Iran

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $518,063 settlement with Blue Sky Blue Sea, Inc., doing business as American Export Lines and International Shipping Company (USA) (collectively referred to as “AEL”) of Los Angeles, California, to settle AEL’s potential civil liability for 140 apparent violations of the […]

Embraer still awaiting US Approval for Iran Deal  

By John Lee. Brazil’s Embraer says it is still awaiting for approval from the US Treasury Department’s Office of Foreign Assets Control (OFAC) for sales of aircraft to Iran. The company has been quoted as saying that it remained “active and optimistic” about plans to sell planes to the Islamic Republic. In February 2016 Iran […]

Firm Fined $12m for “Apparent Violations” of Sanctions

CSE TransTel Pte. Ltd. (“TransTel”), a wholly-owned subsidiary of the international technology group CSE Global Limited, both of which are located in Singapore, has agreed to pay $12,027,066 to settle its potential civil liability for 104 apparent violations of the International Emergency Economic Powers Act and the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part […]

Zagros Airlines to buy 28 new Airbus A330s

Zagros Airlines, one of the leading domestic airlines in Iran, has signed a memorandum of understanding with Airbus for the acquisition of 28 new aircraft, covering 20 A320neo and 8 A330neo aircraft. The commitment was signed at the 52nd Le Bourget Paris airshow by Seyed Abdolreza Mousavi, Zagros Airlines CEO and Fabrice Brégier, Airbus COO […]

Iran Airtour commits to 45 new Airbus Aircraft

Tehran based Iran Airtour Airlines, has become Airbus’ newest customer for the Airbus A320neo Family after signing a memorandum of understanding (MoU) for 45 aircraft at the Paris Air Show. Celebrating 45 years since establishment, the carrier now has been added to Airbus’ list of new customers. Operating scheduled services to domestic and international markets, […]

Boeing Seeking Permission for Deal with Iran

US aircraft maker Boeing announced that it still does not have a license from the US Treasury for a $3 billion contract with Iran Aseman Airlines, media reports said. Aseman Airlines signed a final purchase agreement with Boeing in Tehran on Saturday for 30 737 Max jets and an option for 30 more, spokesman Amir […]

Trump Admin Extends Sanctions on Iran

On Wednesday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated seven targets in connection with Iran’s ballistic missile program: OFAC designated two senior Iranian defense officials, including a defense official who facilitated the sale of explosives and provided other support to Syria and the director of the organization responsible for […]

Boeing to sell 30 737 MAXs to Iran Aseman Airlines

US-based Boeing confirms the signing of a Memorandum of Agreement (MOA) with Iran Aseman Airlines, expressing the airline’s intent to purchase 30 Boeing 737 MAX airplanes with a list price value of $3 billion. The agreement also provides the airline with purchase rights for 30 additional 737 MAXs. According to the U.S. Department of Commerce, […]

ZTE fined $1.1bn for flouting US Sanctions

By John Lee. Chinese telecom giant ZTE Corporation (Zhongxing Telecommunications Equipment Corporation) has agreed to plead guilty to charges that it shipped US-made equipment to Iran and North Korea, and has been fined $1.1 billion. The equipment included routers, microprocessors and servers controlled under export regulations for “security, encryption… and/or anti-terrorism reasons“. Steven T. Mnuchin, US […]

Russia Proposes Joint Production of Ilyushin Planes in Iran

Moscow has presented a proposal to Tehran for the joint production of its Ilyushin planes in the Islamic Republic, Russia’s energy minister said. Alexander Novak was quoted by Iran’s media as saying that he had presented the proposal – which involved the production of the renovated version of the Ilyushin Il-114 regional planes – in […]

Sukhoi near deal to sell Jets to Iran

By John Lee. Russian planemaker Sukhoi is reported to be moving closer to a deal to sell its Superjet 100 aircraft to Iran. Maqsoud As’adi Samani, secretary of the Association of Iranian Airlines, was quoted as saying by Mehr News Agency as saying that Sukhoi had already started talks to obtain a license from the […]

US puts Sanctions on Iran after Missile Test

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned multiple entities and individuals involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This action reflects the […]

Iran Air takes delivery of first new Airbus

Iran Air has taken delivery of its first new aircraft, an Airbus A321, in a handover ceremony in Toulouse with Mr. Farhad Parvaresh, Iran Air Chairman and CEO, and Mr. Fabrice Bregier, President, Airbus Commercial Aircraft and Chief Operating Officer Airbus, in the presence of Gael Meheust, SVP Sales and Marketing CFM, Tom Enders, Airbus […]