OFAC

The Office of Foreign Assets Control, part of the US Treasury, administers and enforces US economic and trade sanctions, including the maritime sanctions that target shipping linked to Iran, North Korea, Russia, and Venezuela. Its measures designate vessels, owners, and operators on the SDN list, and its 2020 advisory set out due-diligence expectations for the maritime sector, AIS monitoring, ship-to-ship transfer screening, and contractual safeguards. BIMCO’s sanctions clauses give owners and charterers a contractual exit when an OFAC designation makes performance unlawful.