OFAC sanctioned the Persian Gulf Petrochemical Industries Company ("PGPIC") for providing financial support to the engineering conglomerate of the Islamic Revolutionary Guard Corps ("IRGC"). In addition, OFAC designated PGPIC's subsidiary petrochemical companies and foreign-based sales agents.
The IRGC was previously designated as a Foreign Terrorist Organization. According to OFAC, PGPIC has been supporting the IRGC by providing or attempting to provide (i) financial, material, technological and other support, or (ii) goods or services.
As a result of OFAC's action, all property and interests in property of the designated entities in the United States, or in the possession or control of U.S. persons, must be blocked and reported to OFAC. OFAC's regulations generally forbid all dealings by U.S. persons, and all transactions that occur within or transiting the United States, that involve the property or interests in property of blocked individuals or entities. In addition, persons engaged in certain transactions with the PGPIC and other sanctioned entities may themselves be subject to sanctions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
[View Source]