US designates firms, individuals for violations of Iran sanctions

The Obama administration designated Thursday new companies and individuals for violations of international sanctions on Iran. “Today’s actions should be a stark reminder to businesses, banks and brokers everywhere that we will continue relentlessly to enforce our sanctions, even as we explore the possibility of a long-term, comprehensive resolution of our concerns with Iran’s nuclear program,” said David S. Cohen, Under Secretary for Terrorism and Financial Intelligence at the Treasury Department. According to a release from the State Department, those designated Thursday were involved in the proliferation of weapons of mass destruction-related material in addition to attempting to circumvent Iranian sanctions. As a result of their designation, the companies and individuals targeted are prohibited from doing business with US citizens, any assets they have in the US are frozen, and foreign financial groups or persons are prohibited from enabling “significant” transactions, or providing material support to them. Among those listed Thursday were Ferland Company Limited, a Cypriot Company, and its General Manager Vitaly Sokolenko; Mid Oil Asia Pte Ltd, and Singa Tankers, both Singaporean companies.