OFAC extended its authorization of certain activities involving a Chinese shipping company designated under Iran-related sanctions.

As previously covered, General License K authorized certain activities necessary to maintain or wind down transactions involving Cosco Shipping Tanker (Dalian) Co., Ltd ("Cosco") until December 20, 2019. General License K-1 extends those authorized activities until February 4, 2020.

Additionally, OFAC amended three Iran-related FAQs concerning (i) how the sanctions apply to Cosco's corporate parent and affiliates, (ii) what types of activities qualify as "maintenance," as that term is used in the General License, and (iii) whether U.S. financial institutions can process certain transactions involving Cosco.

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