Report on Supply Chain Compliance, Volume 2, no. 19 (October 10, 2019)
In a trend that reaches back at least 18 months, the U.S. designated entities for violating sanctions against Iran and Venezuela. In both cases, the entities were non-American actors doing business with Iran or supporting Iranian business activities.
Several Chinese individuals and entities, including Kunlun Holding Company Ltd., were placed on the Specially Designated National’s list. The designations could be related to reports that Chinese entities had signed deals worth more than USD 280 billion with several Iranian partners. In a related move, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) designated several Cypriot and Panamanian entities under Executive Order 13850 for their ties to Venezuela. Analyst Thad McBride stated, “[T]hese four new designations show that the U.S. government — as with sanctions on Iran — is willing to extend sanctions to parties even outside Venezuela that are deemed to be affiliated with or supporting the Venezuelan government.”