The OFAC (Office of Foreign Assets Control) is an agency of the U.S. Department of the Treasury responsible for administering and enforcing economic and trade sanctions against foreign countries and regimes, terrorists, international narcotics traffickers, those involved in activities related to the proliferation of weapons of mass destruction (WMD), and other threats to U.S. national security, foreign policy, or economy.
OFAC's primary role is to enforce U.S. sanctions programs that restrict or prohibit financial transactions with individuals, entities, and governments that are considered to pose a risk to U.S. interests. These sanctions can involve freezing assets, blocking transactions, or prohibiting U.S. persons or entities from doing business with certain individuals or countries.
OFAC's sanction lists include:
- Specially Designated Nationals (SDN) List – A list of individuals, groups, and entities who are subject to sanctions. U.S. persons are generally prohibited from dealing with SDNs.
- Foreign Sanctions Evaders List (FSE) – Targets foreign individuals or entities that have engaged in or facilitated activities that evade U.S. sanctions.
- Sectoral Sanctions Identifications List (SSI) – Targets specific sectors of the Russian economy (since 2014), restricting U.S. persons from engaging in certain transactions in those sectors.
OFAC sanctions can impact international trade, financial transactions, and diplomatic relations, and it plays a key role in U.S. foreign policy and national security.
Too see a list of all sanctioned countries click here.