Treasury adds NITC to Iran sanctions list

JULY 13, 2012 — The United States is imposing additional sanctions on Iran’s nuclear and ballistic missile proliferation networks. Yesterday it announced a number of actions described by Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen as “taking direct aim at disrupting Iran’s nuclear and ballistic missile programs as well as its deceptive efforts to use front companies to sell and move its oil.”

The measures include “publicly exposing numerous Iranian front companies, ships and banks that are part of the Government of Iran.”

As well as identifying various entities associated with national shipping line IRISL, the Treasury Department has now identified the National Iranian Tanker Company (NITC) as a Government of Iran entity and, for the first time, the NITC fleet and various front companies belonging to NITC.  

In addition, the Treasury Department is also identifying 20 Iranian financial institutions for inclusion on its List of Specially Designated Nationals and Blocked Persons (SDN List).

The Treasury Department says these identifications highlight Iran’s attempts to evade sanctions through the use of front companies, as well as its attempts to conceal its tanker fleet by repainting, reflagging, or disabling GPS devices.

NEW ACTIONS ON IRISL

IRISL, Iran’s national maritime carrier, was designated pursuant to E.O. 13382 in September 2008. Yesterday, the Treasury identified a number of entities associated with IRISL.
 
Good Luck Shipping (GLS), which is located in the UAE, is being designated pursuant to E.O. 13382 because it acts or purports to act for or on behalf of IRISL. GLS was established to replace Great Ocean Shipping Services, which was designated pursuant to E.O. 13382 in June 2011.

Great Ocean Shipping Services (Great Ocean), along with Oasis Freight Agency LLC (Oasis) and Pearl Ship Management LLC (Pearl), are being removed from the SDN List because they were liquidated and struck from the Dubai, UAE commercial register. Great Ocean was designated in June 2011 for acting for or on behalf of IRISL affiliate Oasis and/or IRISL. Oasis was designated pursuant to E.O. 13382 in September 2008 for being owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, IRISL. Pearl was also designated in June 2011 for acting for or on behalf of Oasis and/or IRISL.

To view identifying information for Good Luck Shipping click HERE.

IDENTIFICATION OF RENAMED, REFLAGGED VESSELS AND ADDITIONAL IRISL VESSELS

Treasury updated its List of Specially Designated Nationals and Blocked Persons (SDN List) entries for 57 vessels affiliated with IRISL that, since their original identification, have been renamed and/or reflagged by IRISL and its affiliates. OFAC is also identifying 7 additional vessels as blocked property in which IRISL has an interest. Including the latest additions, Treasury has identified 155 ships as blocked property in which IRISL or designated IRISL affiliates have an interest.

To view a list of identified vessels click HERE (including updated IRISL ship names) click HERE

DENTIFICATION OF NITC VESSELS

Treasury is identifying 58 National Iranian Tanker Company (NITC) vessels, as well as NITC and 27 of its affiliated entities, as blocked or “frozen.” The NITC entities have been identified as Government of Iran entities, and the NITC vessels have been identified as property of the Government of Iran. Treasury says these identifications will aid companies and individuals in complying with sanctions against the Government of Iran and undermine Iran’s attempts to use NITC front companies or renamed vessels to evade sanctions.

To view a list of identified vessels click HERE (including updated ship names) click HERE.