New Obama Iran sanctions hit maritime companies

More maritime companies have fallen foul of U.S. efforts to shut down Iran’s nuclear program — including Israel’s Ofer Brothers Group. It is one of two companies on which sanctions are being imposed by the Secretary of State on the grounds that it is deemed to have made certain investments in Iran’s energy sector or to have engaged in certain activities relating to Iran’s refined petroleum sector. The other company in this category is Singapore’s Tanker Pacific Ship Management.

U.S. financial institutions are prohibited from making loans or providing credits totaling more than $10,000,000 in any 12-month period to either of the two, “unless such person is engaged in activities to relieve human suffering and the loans or credits are provided for such activities”.

While the two companies are subject to certain ISA (Iran Sanctions Act) sanctions, including a prohibition on the loans or credits explained above,”this action does not make such persons Specially Designated Nationals or Blocked Persons (SDNs). Their names do not appear on the SDN List, and their property and/or interests in property are not blocked, pursuant to this action.”

However, other maritime companies have now been added to the SDN list, which means that their assets are blocked and U.S. persons are generally prohibited from dealing with them. This follows the signing by President Obama this week of  a further Executive Order (EO) authorizing the implementation of certain sanctions set forth in the Iran Sanctions Act.

Under the EO, the following entities have been added to the OFAC (Office of Foreign Asset Control) SDN (Specially Designated Nationals) list:

• ASSOCIATED SHIPBROKING (a.k.a. ASSOCIATED SHIPBROKING S.A.M.; a.k.a. “SAM”), Gildo Pastor Center – Block C 4.20, 7 rue du Gabian, Fontvieille  MC 98000, Monaco; Website www.associated-shipbroking.mc [ISA]
• ROYAL OYSTER GROUP, ROG Corporate Office, Royal Oyster General Trading LLC, P.O. Box 34299, Dubai, United Arab Emirates; Website www.oystersgroup.com [ISA]
• SPEEDY SHIP FZC (a.k.a. SEPAHAN OIL COMPANY; a.k.a. “SPD”), Room 206, 2nd Floor, Building W5B, Dubai Airport Free Zone, P.O. Box 54916, Dubai, United Arab Emirates [ISA]

The following changes have been made to OFAC’s SDN list:

• PETROCHEMICAL COMMERCIAL COMPANY INTERNATIONAL LIMITED (a.k.a. PETROCHEMICAL COMMERCIAL COMPANY INTERNATIONAL LTD; a.k.a. PETROCHEMICAL TRADING COMPANY LIMITED; a.k.a. “PCCI”), P.O. Box 261539, Jebel Ali, Dubai, United Arab Emirates; 41, 1st Floor, International House, The Parade, St. Helier  JE2 3QQ, Jersey; Ave. 54, Yimpash Business Center, No. 506, 507, Ashkhabad  744036, Turkmenistan; No. 21 End of 9th St, Gandi Ave, Tehran, Iran; 21, Africa Boulevard, Tehran, Iran; Registration ID 77283 (Jersey); all offices worldwide [IRAN]

-to-

• |PETROCHEMICAL COMMERCIAL COMPANY INTERNATIONAL| (|a.k.a. PETROCHEMICAL COMMERCIAL COMPANY INTERNATIONAL LIMITED; a.k.a. PETROCHEMICAL COMMERCIAL COMPANY INTERNATIONAL LTD; a.k.a. PETROCHEMICAL TRADING COMPANY LIMITED; a.k.a. “PCCI”|), P.O. Box 261539, Jebel Ali, Dubai, United Arab Emirates; 41, 1st Floor, International House, The Parade, St. Helier  JE2 3QQ, Jersey; Ave. 54, Yimpash Business Center, No. 506, 507, Ashkhabad  744036, Turkmenistan; No. 21 End of 9th St, Gandi Ave, Tehran, Iran; 21, Africa Boulevard, Tehran, Iran; Registration ID 77283 (Jersey); all offices worldwide |[IRAN] [ISA]|

As amended by CISADA, ISA requires the Secretary of State, pursuant to authority delegated by the President, to impose or waive sanctions on persons determined to have made certain investments in Iran’s energy sector or to have engaged in certain activities relating to Iran’s refined petroleum sector. The E.O. provides IEEPA implementation and enforcement authority for the five ISA sanctions that regulate private conduct.

Among other sanctions, the Secretary of State has chosen to impose an ISA sanction on the persons listed below that involves a prohibition on U.S. financial institutions making certain loans or credits. The Director of the Office of Foreign Assets Control, on May 24, 2011, took action to implement this sanction under the E.O.

• Ofer Brothers Group, Ramat Aviv Tower, 40 Einstein St., P.O.B #11, Tel Aviv, 69102 Israel; MATAM Haifa, 9, Andre Saharov St., P.O.B #5090, Haifa, 31905 Israel, Website http://www.oferg.com/Contactus/tabid/48/Default.aspx
• Tanker Pacific Ship Management (a.k.a Tanker Pacific), Headquarters (Singapore), Tanker Pacific Management (Singapore) Pte Ltd, 1 Temasek Avenue, #38-01,Millenia Tower, Singapore 039192, Website http://www.tanker.com.sg/contact.html

Accordingly, as of May 24, 2011, U.S. financial institutions are prohibited from making loans or providing credits totaling more than $10,000,000 in any 12-month period to any person listed above unless such person is engaged in activities to relieve human suffering and the loans or credits are provided for such activities.

While the above referenced persons are subject to certain ISA sanctions, including a prohibition on the loans or credits explained above, this action does not make such persons Specially Designated Nationals or Blocked Persons (SDNs). Their names do not appear on the SDN List, and their property and/or interests in property are not blocked, pursuant to this action.

May 24, 2011