OFAC Unblocks Certain Sales Transactions with Blocked Vessel in India

The Office of Foreign Assets Control has issued General License No. 5a under the Weapons of Mass Destruction Proliferators Sanctions Regulations (31 CFR 544), Iranian Transactions Regulations (31 CFR 560), and Executive Order 13599 on "Blocking Property of the Government of Iran and Iranian Financial Institutions," to authorize certain transactions related to the arrest in Mundra, India, detention, and judicial sale of the MV Dianthe, a vessel on OFAC’s Specially Designated Nationals and Blocked Persons list. Such transactions include, but are not limited to: (i) bidding on the purchase of the vessels; (ii) paying deposits; (iii) providing financing, insurance, or funding in connection with the purchase; (iv) repairing or modifying the Vessel for commercial use; etc. This authorization expires on November 30, 2012.