Treasury Increases Pressure on Firms Importing Iranian Oil (Press Release)

Date issued: May. 08 2024

You've hit a wall. Sign in if you have an account, or learn more about TURBOFAC and subscription options.
TURBOFAC is a module of the compliance platform OverRuled. To learn more about OverRuled, visit www.overruled.com.

TURBOFAC Commentary (288 words)

Notes:

1) As stated in the Press Release, this secondary sanctions action builds on others close in time targeting “teapot” refineries in China and many other persons involved in the transportation of Iranian oil to those refineries, including port terminal operators. Compare Sanctions on Iran’s Oil Network to Further Impose Maximum Pressure on Iran (Press Release), Treasury Increases Pressure on Chinese Importers of Iranian Oil (Press Release) and Treasury Sanctions Network Supporting Iran’s Oil Exports (Press Release).

2) The designation of Baogang International is notable because the sanctionable offense is “having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, NIOC,” but the only sanctionable activity OFAC describes Baogang International as having engaged in is having been the previous “controlling shareholder” of a port that...