The US administration announced on July 18th that economic sanctions would be imposed on an additional 18 designated Iranian individuals and entities variously supporting Iran’s ballistic missile program, its military procurement and its Islamic Revolutionary Guard Corps (IRGC), reports American P&I Club.
These actions were taken pursuant to an Executive Order originally issued in 2005 which targets proliferators of weapons of mass destruction and their means of delivery (and supporters of such activity), and to an EO which targets trans-national criminal organizations. The new sanctions are being implemented by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).
Any insurance cover that the American Club may provide for vessels trading with Iran excludes cover for, inter alia, any claims by or from SDNs designated as nuclear proliferators, which now include the SDNs designated on July 18th. American Club said that, should Members wish to discuss any aspect of the foregoing, or sanctions in general, or should they require confirmation as to the availability of cover for voyages involving countries subject to US economic sanctions, they are invited to contact Charles J. Cuccia, Senior Vice President – Compliance & Enterprise Risk Management, ph.-1-212-847-4539, mobile-1-917-2152883; [email protected] .
Full list of designated individuals and entities is at: https://www.treasury.gov/resource-center/sanctions/OFACEnforcement/Pages/20170718.aspx