OFAC Updates Sanctions List: Key Insights
The Office of Foreign Assets Control (OFAC) has released an updated Maritime Oil Industry Advisory, which includes new recommendations for best practices and reflects the Price Cap Coalition’s ongoing efforts to promote responsible practices in the industry and disrupt sanctioned trade.
According to the latest update, a total of 12 individuals and entities from the following countries were added to the Specially Designated Nationals (SDN) List:
- 4 from Russia
- 3 from Iran
- 2 from North Korea
- 1 from Cuba
- 1 from Venezuela
- 1 from China
Additionally, 5 entities from the following countries were added to the Consolidated Sanctions List (Non-SDN Lists):
- 2 from Russia
- 1 from Iran
- 1 from North Korea
- 1 from China
The updated advisory aims to enhance compliance with the price cap and promote responsible practices in the maritime oil industry. The added individuals and entities are subject to various sanctions and restrictions, and any transactions with them may be prohibited or subject to strict licensing requirements.
The full list of updates can be found on the OFAC website, where you can also access additional resources and information on OFAC’s sanctions programs and country-specific information.
Referrence link: OFAC link
