The US State Department’s Bureau of Economic and Business Affairs has lifted the sanctions it had imposed under the Iran Sanctions Act (“ISA”) against Associated Shipbroking, also known as SAM, a company based in Monaco. In 2011, the State Department had imposed sanctions, including an asset freeze, against Associated Shipbroking under the ISA. At the time, the State Department found that Associated Shipbroking had knowingly acted on behalf of a front company for Islamic Republic of Iran Shipping Lines (“IRISL”) in connection with IRISL’s acquisition of an oil tanker. In lifting the sanctions, the State Department found that Associated Shipbroking is no longer engaging in transactions that would subject it to sanctions under the ISA. The State Department’s order is dated 7 January 2014 but was not published in the Federal Register until 13 February. OFAC updated its SDN list to reflect the change on 20 February.

Federal Register Notice