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That's what the OFAC press release explicitly claimed[0]. There are plenty of countries outside the U.S. doing business with Iran by the way, see this thread[1]

That's what the OFAC press release explicitly claimed[0]. There are plenty of countries outside the U.S. doing business with Iran by the way, see this thread[1]. The press release I found on the Paribas case states that they were using the U.S. financial system to violate sanctions[2]. [0] https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808 https://home.treasury.gov/policy-issues/financial-sanctions/... [1] https://news.ycombinator.com/item?id=32054821 https://news.ycombinator.com/item?id=32054821 [2] https://www.justice.gov/opa/pr/bnp-paribas-sentenced-conspiring-violate-international-emergency-economic-powers-act-and https://www.justice.gov/opa/pr/bnp-paribas-sentenced-conspir...

JumpCrisscross 4y ago
> what the OFAC press release explicitly claimed You linked to [1]. Better links might be [2][3]. Broadly speaking, if you're an SDN (a) U.S. persons are prohibited from doing business with you and (b) your assets under U.S. jurisdiction are subject to seizure. That second bit is the problematic one. Because due to secondary sanctions, even a non-U.S. person interacting with an SDN can be subject to asset seizure. So in practice, anyone who has a U.S. nexus will stop doing business with you. (Or the U.S. can take their stuff. Also, everyone who doesn't want the U.S. to take their stuff will stop doing business with them.) [1] https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808 https://home.treasury.gov/policy-issues/financial-sanctions/... [2] https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists https://home.treasury.gov/policy-issues/financial-sanctions/... [3] https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Control#Authority_and_activities https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Contr...

JumpCrisscross 4y ago

> what the OFAC press release explicitly claimed You linked to [1]. Better links might be [2][3]. Broadly speaking, if you're an SDN (a) U.S. persons are prohibited from doing business with you and (b) your assets under U.S. jurisdiction are subject to seizure. That second bit is the problematic one. Because due to secondary sanctions, even a non-U.S. person interacting with an SDN can be subject to asset seizure. So in practice, anyone who has a U.S. nexus will stop doing business with you. (Or the U.S. can take their stuff. Also, everyone who doesn't want the U.S. to take their stuff will stop doing business with them.) [1] https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808 https://home.treasury.gov/policy-issues/financial-sanctions/... [2] https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists https://home.treasury.gov/policy-issues/financial-sanctions/... [3] https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Control#Authority_and_activities https://en.wikipedia.org/wiki/Office_of_Foreign_Assets_Contr...