OFAC designated individuals and their procurement networks for supporting multiple Iranian military organizations.

OFAC designated an Iranian national, and others, for allegedly using a Hong Kong-based front company to procure export-controlled military end-use equipment from U.S. suppliers for the Islamic Revolutionary Guard Corps and the Iranian regime's missile program. OFAC also designated the owner of an Iranian company, and others, for allegedly procuring various aluminum alloy products for sanctioned entities owned or controlled by Iran's Ministry of Defense and Armed Forces Logistics.

As a result of OFAC's action, all property and interests in property of the designated individuals and entities (including any entities that are owned 50 percent or more by them) in the United States, or in the possession or control of U.S. persons, must be blocked and reported to OFAC. OFAC regulations also 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, non-U.S. financial institutions, companies and other persons who engage in certain transactions with the individuals and entities designated by OFAC may themselves be exposed to designation or other 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.