The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has placed Sri Lanka-based Marine Solution Pvt Ltd on its Specially Designated Nationals (SDN) list. This designation restricts US individuals and entities from engaging in any transactions with the company, the US Embassy in Sri Lanka announced.
Marine Solution Pvt Ltd has been identified as the registered owner and technical manager of the Barbados-flagged vessel SHANNON II (IMO: 9237797), which has been involved in the transportation of Iranian oil. This action is in alignment with OFAC’s broader strategy to curb illicit financial and trade activities associated with Iran.
The SDN list is a comprehensive public record that includes individuals, businesses, and entities sanctioned for involvement in activities such as terrorism, narcotics trafficking, and violations of international sanctions. As part of its Iran-related sanctions, OFAC continuously updates the SDN list to include entities and vessels linked to activities that undermine global security.
Benefits of This Action
This latest addition to the SDN list reinforces US efforts to prevent unauthorized financial transactions and trade that may fund destabilizing activities. Key benefits include:
Strengthening Global Security: By restricting entities involved in Iranian oil shipments, the sanctions help prevent funds from reaching organizations that may support terrorism or nuclear proliferation.
Deterring Sanctions Evasion: The designation sends a strong message to companies worldwide that involvement in sanctioned trade will lead to significant financial and operational consequences.
Protecting Legitimate Trade Networks: Blocking illicit actors helps ensure that global commerce remains free from unlawful financial activities that could distort market fairness.
Supporting International Policy Goals: This move aligns with broader US foreign policy objectives, particularly efforts to curb Iran’s nuclear ambitions, missile program, and its financial support for militant proxy groups.
By taking decisive action against entities like Marine Solution Pvt Ltd, the US reinforces its commitment to maintaining economic integrity and security on an international scale.
