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Investing.com - The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated one individual and eight entities on Friday for their involvement in procuring sensitive machinery for Iran’s defense industry.
The Treasury also identified a vessel, SHUN KAI XING, as blocked property. The Hong Kong-based Unico Shipping Co Ltd-owned vessel was carrying machinery for OFAC-designated Rayan Roshd Afzar Company and Towse Sanaye Nim Resanaye Tarashe.
"The United States remains resolved to disrupt any effort by Iran to procure the sensitive, dual-use technology, components, and machinery that underpin the regime’s ballistic missile, unmanned aerial vehicle, and asymmetric weapons programs," said Treasury Secretary Scott Bessent.
The sanctions were imposed under Executive Order 13382, which targets proliferators of weapons of mass destruction and their delivery systems.
Among those sanctioned were Chinese national Zhang Yanbang, who served as shipmaster of the SHUN KAI XING, and several companies involved in the shipment including Futech Co Limited, Dongguan Zanyin Machinery and Equipment Co Ltd, Shenzhen Xinxin Shipping Co Ltd, and Singapore-based V-Shipping PTE LTD.
According to the Treasury, the companies attempted to falsify shipping documents after an inspection to conceal that the cargo was destined for Iranian entities.
The sanctions block all U.S.-based property of the designated persons and prohibit Americans from conducting transactions with them. Foreign financial institutions that knowingly facilitate significant transactions for these entities may also face secondary sanctions.
The action was taken in furtherance of National Security Presidential Memorandum-2, which aims to deny Iran the development of missile and weapons capabilities, according to the press release statement.
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