A group of European countries not in the EU aligned with two recent sanctions decisions from the European Council, one under the Guinea-Bissau restrictions list and one pertaining to the situation in Iran.
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The Office of Foreign Assets Control reached a $31,867.90 settlement with New York-based Emigrant Bank this week after it allegedly violated U.S. sanctions on Iran by maintaining an account for two Iranian residents. OFAC said the bank maintained a certificate of deposit (CD) account for the two people for about 26 years, and processed 30 transactions between June 2017 and March 2021 worth about $91,000.
Global manufacturing firm 3M reached a $9.6 million settlement with the Office of Foreign Assets Control this week after it allegedly violated U.S. sanctions on Iran. OFAC said the company’s Swiss subsidiary knowingly sold reflective license plate sheeting through a German reseller to Bonyad Taavon Naja, an entity controlled by Iran’s Law Enforcement Forces.
The EU added another four people and six entities to its Iran sanctions regime for "serious human rights violations in Iran," the European Council announced. The sanctions package was issued to mark the anniversary of the death of Mahsa Amini -- who was arrested for not wearing a hijab -- in the custody of the country’s Morality Police last year. The sanctions were coordinated with the U.S. (see 2309150023).
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
American building materials supplier Construction Specialties Inc. (CS) reached a $660,594 settlement with the Office of Foreign Assets Control this week for allegedly violating sanctions against Iran. OFAC said the company’s United Arab Emirates subsidiary, Construction Specialties Middle East (CSME), illegally reexported more than $1 million worth of construction materials to Iran and falsified trade documents to hide their destination.
A Senate bill with bipartisan support could continue U.S. sanctions on Iran’s missile and drone program after the potential October sunset of U.N. Security Council restrictions against that country. The Making Iran Sanctions Stick in Lieu of Expiration of Sanctions Act, introduced by Sens. Bob Menendez, D-N.J., and Bill Hagerty, R-Tenn., would ensure that Iran’s missile development activities remain subject to “appropriate U.S. sanctions in the likely event that Russia and China block an extension of UN restrictions in the Security Council” later this year.
A group of European countries not in the EU aligned with a recent sanctions move from the bloc under its Iran sanctions regime, the European Council said July 14. The council in June amended the list of sanctioned individuals and entities. The countries of North Macedonia, Montenegro, Albania, Ukraine, Moldova, Bosnia and Herzegovina, Iceland, Liechtenstein and Norway also imposed the decision.
The EU General Court last week affirmed a European Commission decision that allowed German securities depository bank Clearstream Banking to comply with U.S. sanctions on Iran. The case stemmed from a commission decision in 2020 that authorized Clearstream to withhold payment of dividends to German firm IFIC Holding, whose shares are indirectly held by the Iranian government. IFIC had asked the General Court to annul the decision.