U.S. Tightens Iran Sanctions
July 13, 2012
On July 12, 2012, the United States Treasury Department and State Department announced the imposition of additional sanctions on Iran’s nuclear and ballistic missile networks, as well as additional steps to prevent the evasion of sanctions by identifying Iranian front companies and banks. The new measures target more than fifty entities tied to Iran’s procurement, petroleum and shipping networks. Measures taken to target Iran’s nuclear and missile proliferation activities include the designation of eleven entities and four individuals under Executive Order 13382. Measures taken to prevent circumvention of Iran sanctions include publicly identifying numerous Iranian front companies, ships and banks that are considered part of the Government of Iran. Companies identified as falling under the sanctions issued in Executive Order 13599 include four front companies for the Naftiran Intertrade Company (NICO) or the National Iranian Oil Company (NIOC): Petro Suisse Intertrade Company SA, Hong Kong Intertrade Company, Noor Energy (Malaysia) Ltd., and Petro Energy Intertrade Company. In addition to identifying twenty Iranian financial institutions for inclusion on its List of Specially Designated Nationals and Blocked Persons, the Treasury Department also identified the National Iranian Tanker Company, its fleet, and its various front companies as a Government of Iran Entity.
U.S. persons are generally prohibited from engaging in any transactions with individuals or entities blocked pursuant to E.O. 13382 or E.O. 13599, and any assets such persons may have under U.S. jurisdiction are blocked.
The Treasury Department Fact Sheet is available here.
For further information, please contact a Barnes/Richardson attorney.