What countries are on the OFAC list?

What countries are on the OFAC list?

Currently, sanctioned countries include the Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe. The list of sanctioned countries is updated periodically and is available here.

Is Iran sanctioned country?

On 21 February 2020, Iran was placed on the FATF blacklist. The UN arms embargo on Iran expired on 18 October 2020, as agreed in Iran’s 2015 nuclear deal, allowing Iran to import foreign military equipment.

Is Egypt a sanctioned country?

Egypt – U.S. Export ControlsEgypt – U.S. Export Controls Includes the U.S. government export controls that companies need to abide by when exporting to this country. Egypt is not subject to special sanctions (such as those imposed on Sudan and Iran).

What does putting sanctions on a country mean?

Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. Economic sanctions are not necessarily imposed because of economic circumstances—they may also be imposed for a variety of political, military, and social issues.

Why does the US have sanctions on Russia?

U.S. businesses should be aware that the United States imposes sanctions on Russian persons (individuals, entities, and vessels) in response to conduct including Russia’s illegal annexation of Crimea, invasion of eastern Ukraine, election interference, malicious cyber activities, human rights abuses, uses of chemical …

What occurs when one country refuses to buy goods from another country?

An embargo is when one country completely refuses to trade with another country. Example – The US had an embargo with South Africa during apartheid. Example – The US has an embargo with Cuba that has lasted over 50 years. This is usually done between two countries that are disagreeing over political issues.

What happens to a country which includes itself from international trade?

International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.

What’s happened to trade with Iran?

The escalating secondary sanctions beginning in 2010, as well as several eye-popping enforcement actions by OFAC resulting in fines of hundreds of millions, or even billions, of dollars, created a significant chilling effect on global trade with Iran.

Which countries are affected by the Iranian Transactions and Sanctions Regulations?

The most comprehensive controls apply to: Cuba, Iran, North Korea, Sudan, Syria, and Crimea Region of the Ukraine. The regulations are country/region specific. The Iranian Transactions and Sanctions Regulations ( ITSR – 31 CFR Part 560) prohibit many transactions with Iran and Iranians, including the import and export of services.

Will the secondary sanctions affect trade with Syria?

A: Probably not. Although the secondary sanctions target only transactions with the Syrian Government, because it largely controls the oil and gas sector, it would be difficult to get comfort that a trade to or from Syria did not involve it.

What if my transaction/export involves an embargoed or sanctioned country?

If your transaction/export involves an embargoed or sanctioned country, please contact the Office of Trade Compliance prior to proceeding and with as much advance notice as possible. Cuba, Iran, Syria.