Washington, June 5 (IANS) The United States on Friday announced sweeping sanctions against a network accused of shipping Iranian-origin liquefied petroleum gas (LPG) disguised as Omani fuel to buyers across South and East Asia, including Bangladesh, while also targeting an Iranian foreign exchange company accused of moving hundreds of millions of dollars on behalf of sanctioned Iranian banks.The action was announced by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), …
Latest OFAC News & Updates
New Delhi, May 18 (IANS) The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Monday announced that it has reached a $275 million settlement with India’s Adani Enterprises Limited (AEL) over the “apparent violations” of sanctions on Iran in the company’s purchase of LPG. According to an OFAC statement, AEL has agreed to pay $275 million to settle its potential civil liability for apparent violations of OFAC sanctions on Iran.”From November 2023 to June 2025, AEL purchased …
Tehran, May 18 (IANS) The United States has agreed to waive Iran’s oil sanctions during negotiations, Iranian media claimed on Monday citing sources.According to Iran’s semi-official Tasnim news agency, the waiver by the US means temporary relinquishment of sanctions, while Iran insists on the removal of all sanctions against the country as part of the US commitments.The US proposed waiver of OFAC (Office of Foreign Assets Control) sanctions until a final understanding is reached, the agency…