US Imposes Secondary Sanctions Warning on Nine Iraqi Individuals and Oil Company

The U.S. Treasury Department has added a "secondary sanctions risk" warning to nine Iraqi individuals previously listed under sanctions related to Iran, including two banks in the capital, six individuals, and an oil company registered in Basra. This exposes entities dealing with them outside the United States to potential sanctions. The Office of Foreign Assets Control (OFAC) stated that the phrase "secondary sanctions risk: Section 2 of Executive Order 13902" has been added to hundreds of names listed under the sanctions program targeting Iranian economic sectors. The updates included VSO Oil Terminal, registered in the Sharjah Free Zone, with an address in the Khawr Al-Zubair Free Zone in Basra. Additionally, the Treasury added five individuals and ten entities to the sanctions list for supporting Iran’s "shadow fleet," most of whom are based in India, with no new Iraqi names included in this round of listings.