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OFAC Updates Week 9/6/21

September 9, 2021

The Office of Foreign Assets Control(OFAC) has announced a settlement of $189,483 with NewTek, Inc. over apparent violations of the Iranian Transactions and Sanctions Regulations (ITSR). NewTek, headquartered in San Antonio, develops and supplies live production and 3D animation hardware and software systems. NewTek apparently indirectly exported goods, technology and services from the United States to Iran through third-country distributors between December 2013 and May 2018. NewTek voluntarily self-disclosed and OFAC considered the apparent violations to constitute a non-egregious case.

September 10, 2021

OFAC has issued General License 5H, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 21, 2022." Additionally, OFAC has amended Frequently Asked Questions (FAQ) 595, explaining what the license authorizes.

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