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The Balli Case: OFAC’s Reach Keeps Growing

In addition to the strengthening of multilateral economic sanctions against Iran by the U.N. Security Council in June, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury is interpreting and applying existing U.S. unilateral sanction provisions of the U.S. Iranian Transactions Regulations, 31 C.F.R. Part 560, more broadly to reach, and to penalize, directly conduct of non-U.S. persons undertaken wholly outside the United States. Previously understood limitations of OFAC’s reach to U.S. persons need to be re-assessed. The settlement earlier this year between OFAC and Balli Aviation Ltd and Balli Group PLC is illustrative and should be taken as a cautionary note in this regard because the full implication of this new direction by OFAC would appear to be significant.