OFAC Implementation of Certain Sanctions Imposed on SYTROL by the Secretary of State Pursuant to the Iran Sanctions Act of 1996, as Amended, 16571 [2013-06023]

Agencies

• DEPARTMENT OF THE TREASURY
• Office of Foreign Assets Control

[Federal Register Volume 78, Number 51 (Friday, March 15, 2013)]
[Notices]
[Page 16571]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-06023]



[[Page 16571]]

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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


OFAC Implementation of Certain Sanctions Imposed on SYTROL by the 
Secretary of State Pursuant to the Iran Sanctions Act of 1996, as 
Amended

SUB-AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice.

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SUMMARY: The Treasury Department's Office of Foreign Assets Control 
(``OFAC'') is taking action to implement certain of the sanctions 
imposed on SYTROL by the Secretary of State pursuant to the Iran 
Sanctions Act of 1996 (Pub. L. 104-172) (50 U.S.C. 1701 note) 
(``ISA''), as amended by the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (Pub. L. 111-195) (22 U.S.C. 
8501-8551) (``CISADA'').

DATES: OFAC's action to implement the sanctions on SYTROL was taken on 
August 10, 2012. The effective date of this action is March 7, 2013 or 
the date of actual notice, whichever is earlier.

FOR FURTHER INFORMATION CONTACT: Assistant Director for Sanctions 
Compliance and Evaluation, Office of Foreign Assets Control, Department 
of the Treasury, Washington, DC 20220, tel.: 202/622-2490.

SUPPLEMENTARY INFORMATION:

Electronic and Facsimile Availability

    This document and additional information concerning OFAC are 
available from OFAC's Web site (www.treas.gov/ofac) and via facsimile 
through a 24-hour fax-on demand service, tel.: (202) 622-0077.

Background

    ISA, as amended by CISADA, requires the Secretary of State, 
pursuant to authority delegated by the President, to impose or waive 
sanctions on persons determined to have made certain investments in 
Iran's energy sector or to have engaged in certain activities relating 
to Iran's refined petroleum sector. Executive Order 13574 of May 23, 
2011, ``Authorizing the Implementation of Certain Sanctions Set Forth 
in the Iran Sanctions Act of 1996, as Amended,'' requires the Secretary 
of the Treasury, pursuant to authority under the International 
Emergency Economic Powers Act (50 U.S.C. 1701-1706) (``IEEPA''), to 
implement certain of the sanctions imposed by the Secretary of State 
under ISA, as amended by CISADA. On August 10, 2012, the President 
signed into law the Iran Threat Reduction and Syria Human Rights Act of 
2012 (Pub. L. 112-158) (22 U.S.C. 8701-8795) (the ``TRA''), which 
further amends ISA in order to strengthen the sanctions imposed against 
Iran. Executive Order 13628 of October 9, 2012, ``Authorizing 
Additional Sanctions With Respect to Iran,'' requires the Secretary of 
the Treasury, pursuant to authority under IEEPA, to implement certain 
of the sanctions imposed by the Secretary of State under ISA, as 
amended by CISADA and the TRA.
    The Secretary of the Treasury is responsible for implementing the 
following sanctions under ISA, as amended by CISADA and the TRA: (i) 
With respect to section 6(a)(3), to prohibit any United States 
financial institution from making loans or providing credits to a 
person sanctioned under ISA consistent with section 6(a)(3) of ISA; 
(ii) with respect to section 6(a)(6), to prohibit any transactions in 
foreign exchange that are subject to the jurisdiction of the United 
States and in which a person sanctioned under ISA has any interest; 
(iii) with respect to section 6(a)(7), to prohibit any transfers of 
credit or payments between financial institutions or by, through, or to 
any financial institution, to the extent that such transfers or 
payments are subject to the jurisdiction of the United States and 
involved any interest of a person sanctioned under ISA; (iv) with 
respect to section 6(a)(8), to block all property and interests in 
property that are in the United States, that come within the United 
States, or that are or come within the possession or control of any 
United States person, including any overseas branch, of a person 
sanctioned under ISA, and provide that such property and interests in 
property may not be transferred, paid, exported, withdrawn, or 
otherwise dealt in; (v) with respect to section 6(a)(9), to prohibit 
any United States person from investing in or purchasing significant 
amounts of equity or debt instruments of a person sanctioned under ISA; 
(vi) with respect to section 6(a)(11), to impose on the principal 
executive officer or officers, or persons performing similar functions 
and with similar authorities, of a person sanctioned under ISA the 
sanctions described in sections 6(a)(3), 6(a)(6), (6)(a)(7), 6(a)(8), 
6(a)(9), or 6(a)(12) of ISA, as selected by the President, Secretary of 
State, or Secretary of the Treasury, as appropriate; and (vii) with 
respect to section 6(a)(12), to restrict or prohibit imports of goods, 
technology, or services, directly or indirectly, into the United States 
from a person sanctioned under ISA.
    Prior to the enactment of the TRA, the Secretary of State imposed 
sanctions pursuant to ISA, as amended by CISADA, on SYTROL. See 77 FR 
59034 (Sep. 25, 2012), which provides the name of the person subject to 
sanctions, as well as a complete list of the sanctions imposed on this 
person. Pursuant to Executive Order 13574, the Secretary of the 
Treasury is responsible for implementing certain of the sanctions 
imposed by the Secretary of State. Accordingly, the Director of OFAC, 
acting pursuant to delegated authority, has taken the actions described 
below to implement those sanctions set forth in Executive Order 13574 
with respect to the person listed below.

1. SYTROL, Prime Minister Building, 17 Street Nissan, Damascus, Syria 
[SYRIA] [ISA]

    The Director of OFAC has: (a) Blocked all property and interests in 
property that are in the United States, that come within the United 
States, or that are or come within the possession or control of any 
United States person, including any overseas branch, and which may not 
be transferred, paid, exported, withdrawn, or otherwise dealt in, of 
SYTROL; and (b) prohibited any transfers of credit or payments between 
financial institutions or by, through, or to any financial institution, 
to the extent that such transfers or payments are subject to the 
jurisdiction of the United States and involved any interest of SYTROL. 
SYTROL, which has been added to OFAC's List of Specially Designated 
Nationals and Blocked Persons, includes the identifying tag ``ISA.''

    Dated: March 7, 2013.
Adam J. Szubin,
Director, Office of Foreign Assets Control.
[FR Doc. 2013-06023 Filed 3-14-13; 8:45 am]
BILLING CODE 4810-AL-P