Recent news from Treasury’s Office of Foreign Assets Control: July 20
The Office of Foreign Assets Control announced the next sanctions action last week.
Sanctions related to Iran
OFAC targets Iran’s arms procurement network: In the wake of Iranian attacks on commercial shipping in the Strait of Hormuz, OFAC on July 15 sanctioned seven individuals and entities involved in a network supporting arms procurement for the Islamic Revolutionary Guard Corps. The action targets foreign airline and transportation companies, financial intermediaries and travel coordinators that have been used to cover up and support IRGC procurement activities. Taken under Executive Order 13382, the designations follow previous actions targeting networks that supply Iran with weapons and military equipment. Read more.
OFAC Targets Shamkhani Sanctions Avoidance Network: On July 14, OFAC increased sanctions against the shipping and sanctions avoidance network of Mohammad Hossein Shamkhani, a key enabler of Iran’s oil exports and global commodity trade. The action targets more than 50 individuals, entities and vessels involved in the network and builds on previous sanctions imposed in April 2026 and July 2025. Taken under Executive Order 13902, the designations are part of ongoing efforts to increase economic pressure on Iran and disrupt revenue streams that support the regime. Read more.
OFAC issues a Z general license for vessel abandonment and security operations: On July 14, OFAC issued a General License Z related to Iran, which authorizes certain closure transactions, vessel security and environmental activities, and the discharge of cargo involving persons and vessels designated on July 14, 2026. The authorization remains in effect until September 12, 2026, and permits activities such as secure port operations, emergency repairs, and deliveries of cargo loaded prior to July 14, subject to certain conditions and restrictions under Executive of order 13902. Read more.
Sanctions related to Venezuela
OFAC issues FAQ on Venezuela earthquake relief payments: OFAC issued FAQ 1263 clarifying that payments made to the Government of Venezuela under General License 60, which authorizes transactions related to earthquake relief efforts, need not be deposited into a foreign government’s escrow account. The guidance notes that payment requirements under other general licenses related to Venezuela remain unaffected and cannot be avoided by recharacterizing the transactions as earthquake relief. Read the FAQ.
