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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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On October 11, 2024, the Department of the Treasury&rsquo;s Office of Foreign Assets Control (OFAC) announced that it was expanding sanctions on Iran&rsquo;s petroleum and petrochemical sectors in response to Iran&rsquo;s October 1 attack on Israel.&nbsp;The Secretary of the Treasury has identified the petroleum and petrochemical sectors of the Iranian economy pursuant to a <a href="http://rovides%20authority%20to%20identify%20and%20impose%20sanctions%20on%20key%20sectors%20of%20Iran%E2%80%99s%20economy" target="_blank" rel="noreferrer noopener">Determination</a> under section&nbsp;1(a)(i) of <a href="https://ofac.treasury.gov/media/31406/download?inline" target="_blank" rel="noreferrer noopener">Executive Order (E.O.) 13902</a>, which allows Treasury to identify and impose sanctions on key sectors of Iran&rsquo;s economy. 
OFAC and the Department of State have designated and placed on the Specially Designated Nationals (SDN) List 16 entities in multiple jurisdictions and identified 23 vessels as blocked property for their involvement in shipments of Iranian petroleum and petrochemical products.&nbsp;Many of these designations involve what OFAC has identified as &ldquo;a network of illicit shipping facilitators in multiple jurisdictions which, through obfuscation and deception, load and transport Iranian oil for sale to buyers in Asia.&rdquo;&nbsp;For additional identifying details on these entities and vessels see&nbsp;<a href="https://ofac.treasury.gov/recent-actions/20241011" target="_blank" rel="noreferrer noopener">here</a>.
As a result, all property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50% or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC&rsquo;s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.

OFAC Expands Sanctions on Iran for Missile Attack on Israel

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