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OFAC Designates Ten Shipping Companies as Affiliated with Iran’s National Shipping Line

Thursday, December 22, 2011
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control has published the names of 10 shipping and front companies and one individual, all based in Malta, that have been determined to be affiliated with Iran’s national shipping line (Islamic Republic of Iran Shipping Lines). OFAC notes that IRISL and its subsidiaries have increasingly relied on multiple front companies and agents to overcome the impact of U.S. and international sanctions imposed due to its involvement in Iran’s efforts to advance its missile programs and transport military cargoes. OFAC has designated these additional affiliated entities pursuant to Executive Order 13382, which is aimed at prohibiting transactions with and freezing the assets of proliferators of weapons of mass destruction and their supporters in order to isolate them from the U.S. financial and commercial systems.

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