On September 21, 2020, the President issued an Executive Order, “Blocking Property of Certain Persons with Respect to the Conventional Arms Activities of Iran,” to address the transfer of arms and military equipment to and from Iran that fuels the ongoing conflict in Syria, Lebanon, Iraq and Yemen, and produces revenue that Iran uses to support and fund malign activities. Towards that end, the US Department of the Treasury’s Office of Foreign Assets Control has designated eleven individuals and two entities, that have materially contributed, directly or indirectly, to the supply or sale of material used to manufacture, maintain, or transport arms, or engaged in activity that may have contributed to the proliferation of arms for military end-users.
The Order is made pursuant to the Countering America’s Adversaries Through Sanctions Act, the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act section 212(f) of the Immigration and Nationality Act of 1952. This Order does not apply to property or interests in property belonging to the Government of Iran that were blocked pursuant to E.O. 12170 of November 14, 1979 (Blocking Iranian Government Property), as amended by E.O. 12281 of January 19,1981 (Direction to Transfer Certain Iranian Government Assets), and regulations thereunder.
As a result of these designations, all interests in US property is blocked and all transactions and dealings with these entities and individuals is generally prohibited.