U.S. Imposes New Economic Sanctions on Iranian Entities

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Friday, 24 June 2011 13:56

Yesterday, the U.S. Government announced that it was imposing economic sanctions on various Iranian business entities including an Iranian port operator and airline. These particular designations will be of interest to companies engaged in global trade especially international shipping. 

"The steps we have taken this week seek to limit Iran's ability to use the global financial system to pursue illicit activities. We have made important progress in isolating Iran, but we cannot waver. Our efforts must be unrelenting to sharpen the choice for Iran's leaders to abandon their dangerous course," says a joint statement issued by the Department of State and the Department of the Treasury. 

The following entities and individuals were added to the Treasury Department's Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list:

  1. Benham Shariyari 
  2. Iran Air
  3. Iran Air Tours
  4. Mehr-E Eqtesad-E Iranian Investment Company
  5. Tidewater Middle East Company

Poblete Tamargo expects global economic sanctions toward Iran, a state sponsor of terrorism under U.S. law, to increase in the foreseeable future. The U.S. Congress is also considering numerous new pieces of legislation and have been pressuring the Obama Administration to ratchet pressure on the Iranian through robust use of U.S. sanctions. 

For additional information, visit the OFAC website.