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Treasury targets Russian shipping companies

Jaclyn Jaeger | August 21, 2018

The U.S. Department of the Treasury’s Office of Foreign Assets Control today announced that it has targeted Russian shipping firms for violating North Korea-related United Nations Security Council Resolutions.

OFAC said on Aug. 21 it took the action against two entities and six vessels pursuant to Executive Order 13810. The sanctions target persons involved in the ship-to-ship transfer of refined petroleum products with North Korea-flagged vessels, an activity expressly prohibited by the UN Security Council (UNSC).

“Ship-to-ship transfers with North Korea-flagged vessels from Russia or elsewhere of any goods being supplied, sold, or transferred to or from the DPRK are prohibited under the UN Security Council resolutions on North Korea and are sanctionable under U.S. law,” Treasury Secretary Steven Mnuchin said in a statement. “Consequences for violating these sanctions will remain in place...

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