[Federal Register Volume 79, Number 172 (Friday, September 5, 2014)]
[Notices]
[Pages 53105-53106]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-21218]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


OFAC Implementation of Certain Sanctions Imposed on KISH 
PROTECTION & INDEMNITY and CENTRAL INSURANCE OF IRAN by the Secretary 
of State Pursuant to the Iran Threat Reduction and Syria Human Rights 
Act of 2012

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 providing notice of actions taken by OFAC to implement 
certain of the sanctions imposed on KISH PROTECTION & INDEMNITY and 
CENTRAL INSURANCE OF IRAN by the Secretary of State pursuant to the 
Iran Threat Reduction and Syria Human Rights Act of 2012 (Pub. L. 112-
158) (22 U.S.C. 8701-8795).

DATES: OFAC's actions described in this notice to implement the 
sanctions on KISH PROTECTION & INDEMNITY and CENTRAL INSURANCE OF IRAN 
were effective March 14, 2013.

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.treasury.gov/ofac) or via facsimile 
through a 24-hour fax-on demand service tel.: (202) 622-0077.

Background

    Section 212 of the Iran Threat Reduction and Syria Human Rights Act 
of 2012 (Pub. L. 112-158) (22 U.S.C. 8701-8795) (``TRA'') requires the 
Secretary of State, pursuant to authority delegated by the President, 
to impose or waive sanctions on persons determined to have knowingly 
provided, on or after the date of enactment of the TRA, underwriting 
services or insurance or reinsurance services for the National Iranian 
Oil Company, the National Iranian Tanker Company, or a successor entity 
to either such company. When the Secretary of State imposes sanctions 
pursuant to section 212 of the TRA, he is required to select five or 
more of the sanctions described in section 6(a) of the Iran Sanctions 
Act of 1996 (Pub. L. 104-172) (50 U.S.C. 1701 note), as amended 
(``ISA''). Executive Order 13628 of October 9, 2012, ``Authorizing the 
Implementation of Certain Sanctions Set Forth in the Iran Threat 
Reduction and Syria Human Rights Act of 2012 and Additional Sanctions 
With Respect to Iran'' (``E.O. 13628''), requires the Secretary of the 
Treasury, pursuant to authority under the International Emergency 
Economic Powers Act (50 U.S.C. 1701-1706), to implement certain 
sanctions set forth in section 6 of ISA, when those sanctions are 
selected and imposed by the Secretary of State pursuant to the TRA.
    The Secretary of the Treasury is responsible for implementing the 
following sanctions described in section 6(a) of ISA and imposed by the 
Secretary of State pursuant to section 212 of the TRA: (i) With respect 
to section 6(a)(3) of ISA, to prohibit any U.S. financial institution 
from making loans or providing credits to a person sanctioned under 
section 212 of the TRA, consistent with section 6(a)(3) of ISA; (ii) 
with respect to section 6(a)(6) of ISA, to prohibit any transactions in 
foreign exchange that are subject to the jurisdiction of the United 
States and in which a person sanctioned under section 212 of the TRA 
has any interest; (iii) with respect to section 6(a)(7) of ISA, 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 section 212 of the TRA; (iv) with respect to section 6(a)(8) of 
ISA, 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 foreign branch, of a person sanctioned under section 212 of the 
TRA, and to 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) of ISA, to prohibit any United 
States person from investing in or purchasing significant amounts of 
equity or debt instruments of a person sanctioned under section 212 of 
the TRA; (vi) with respect to section 6(a)(11) of ISA, to impose on the 
principal executive officer or officers, or persons performing similar 
functions and with similar authorities, of a person sanctioned under 
section 212 of the TRA the sanctions described in paragraphs (i) 
through (v) above and (vii) below, as selected by the Secretary of 
State; and (vii) with respect to section 6(a)(12) of ISA, to restrict 
or prohibit imports of goods, technology, or services, directly or 
indirectly, into the United States from a person sanctioned under 
section 212 of the TRA.
    The Secretary of State has imposed sanctions on two persons 
pursuant to section 212 of the TRA. See 78 FR 21183 (April 9, 2013), 
which provides the names of the two persons subject to sanctions, as 
well as a complete list of the sanctions imposed on each person. 
Accordingly, the Director of OFAC, acting pursuant to delegated 
authority, has taken the actions described below to implement those 
sanctions set forth in section 1 of E.O. 13628 and imposed by the 
Secretary of State pursuant to section 212 of the TRA with respect to 
the following persons:

    1. KISH PROTECTION & INDEMNITY (a.k.a. KISH MUTUAL PROTECTION & 
INDEMNITY; a.k.a. KISH P&I), Flt No. 9, No. 78, Vaali Nejad Alley, 
Africa Blvd., Tehran, Iran [IRAN-TRA]
    2. CENTRAL INSURANCE OF IRAN (a.k.a. BIMEH MARKAZI; a.k.a. BIMEH 
MARKAZI IRAN; a.k.a. CENTRAL INSURANCE OF IR IRAN; a.k.a. CENTRAL 
INSURANCE OF THE ISLAMIC REPUBLIC OF IRAN), No. 223 N. East St., 
Africa Ave., Tehran, Iran [IRAN-TRA]

    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, of the two 
entities

[[Page 53106]]

listed above; 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 involve any interest of 
the two entities listed above. Both entities have been added to OFAC's 
List of Specially Designated Nationals and Blocked Persons with the 
identifying tag ``IRAN-TRA.''

    Dated: August 8, 2014.
Barbara C. Hammerle,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2014-21218 Filed 9-4-14; 8:45 am]
BILLING CODE 4810-AL-P