The Office of Foreign Assets Control (OFAC) is a bureau of the U.S. Department of the Treasury responsible for administering and enforcing U.S. economic and trade sanctions. Acting under statutory authority and executive orders, OFAC implements both comprehensive and targeted sanctions against countries, regimes, entities, and individuals tied to terrorism, narcotics trafficking, proliferation of weapons of mass destruction, serious human rights abuses, corruption, cyber activities, and other threats. It maintains the Specially Designated Nationals and Blocked Persons (SDN) List and other sanctions lists, and issues general and specific licenses, directives, and compliance guidance.
Sanctions administered by OFAC can materially affect the energy and chemical value chains, including crude oil, refined products, petrochemicals, LNG, technology, equipment, services, and financing. Companies engaged in cross‑border trade, investment, M&A, and logistics often assess OFAC restrictions, screen counterparties against sanctions lists, and consider license requirements for otherwise prohibited transactions. OFAC’s determinations and authorizations shape market access and transaction feasibility in regions and sectors relevant to the global chemicals and fuels industries.
