Recent news from Treasury’s Office of Foreign Assets Control: December 22

· Banking · By ReportWire

The Office of Foreign Assets Control announced the following sanctions action last week.

Russia-related Sanctions

OFAC issues new Russia-related General Licenses and updates FAQs: OFAC issued:

Additionally, OFAC has amended eight Russia-related FAQs: 967, 978, 999, 1011, 1117, 1182, 1203, and 1216.

OFAC updates Russia-related FAQs: OFAC on Dec. 18 amended FAQ 1224 and FAQ 1225 to clarify activities permitted under General Licenses related to Lukoil.

International Criminal Court-related and Iran-related Sanctions

OFAC issues new General Licenses and updates sanctions lists: OFAC issued two new General Licenses:

Iran-related Sanctions

OFAC targets Iranian shadow fleet: On December 18, OFAC sanctioned 29 vessels and their associated management firms for transporting hundreds of millions of dollars’ worth of Iranian petroleum products. This action intensifies pressure on the Iranian shadow fleet, which uses deceptive shipping practices to export petroleum and petroleum products. Among those designated is Hatem Elsaid Farid Ibrahim Sakr, a UAE-based Egyptian shipping businessman. His companies are linked to seven of the sanctioned vessels and multiple shipping firms. Read more.

OFAC FSE list update: OFAC removed the following individual from the Foreign Sanctions Evaders (FSE) List:

  • Evren Kayakiran (Turkey) – DOB: Feb 8, 1980; Passport: U00242309 Read more.

Venezuela-related Sanctions

OFAC sanctions Maduro family associates: OFAC sanctioned several family members and associates of the Maduro-Flores network, targeting corruption linked to Venezuela’s illegitimate regime. New designations include immediate family members of Carlos Erik Malpica Flores and Ramon Carretero, both tied to deceptive practices and financial operations benefiting Nicolás Maduro’s government. Read more.

OFAC issues Venezuela-related General License and updates FAQ: OFAC issued General License 5T, authorizing certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5% Bond on or after Feb. 3, 2026. Additionally, OFAC published an amended Venezuela-related FAQ 595.

Foreign Terrorist Organization Sanctions

OFAC sanctions Mexican fuel theft cartel: OFAC sanctioned the Cartel de Santa Rosa de Lima (CSRL) and its leader, Jose Antonio Yepez Ortiz, for large-scale fuel and oil theft in Guanajuato, Mexico. CSRL’s violent conflict with Cartel Jalisco Nuevo Generación (CJNG) has made Guanajuato one of Mexico’s deadliest states. Their activities fuel a cross-border black market, harm U.S. energy firms, and deprive Mexico of critical revenue. Read more.

ABA Banking Journal Staff

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