[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR538.408]

[Page 703]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 538_SUDANESE SANCTIONS REGULATIONS--Table of Contents
 
                        Subpart D_Interpretations
 
Sec. 538.408  Offshore transactions.

    (a) The prohibitions contained in Sec. Sec. 538.201 and 538.206 
apply to transactions by any U.S. person in a location outside the 
United States with respect to property in which the U.S. person knows, 
or has reason to know, the Government of Sudan has or has had an 
interest since the effective date, or with respect to goods, technology 
or services which the U.S. person knows, or has reason to know, are of 
Sudanese origin or owned or controlled by the Government of Sudan.
    (b) Prohibited transactions include, but are not limited to, 
importation into or exportation from locations outside the United States 
of, or purchasing, selling, financing, swapping, insuring, transporting, 
lifting, storing, incorporating, transforming, brokering, or otherwise 
dealing in, within such locations, goods, technology or services of 
Sudanese origin.
    (c) Examples. (1) A U.S. person may not, within the United States or 
abroad, purchase, sell, finance, insure, transport, act as a broker for 
the sale or transport of, or otherwise deal in, Sudanese crude oil or 
sugar refined in Sudan.
    (2) A U.S. person may not, within the United States or abroad, 
conduct transactions of any nature whatsoever with an entity that the 
U.S. person knows or has reason to know is the Government of Sudan, 
including a controlled entity or agent of that Government, or which 
benefits or supports the business of an entity located in Sudan, unless 
the entity is licensed by the Office of Foreign Assets Control to 
conduct such transactions with U.S. persons or the transaction is 
generally licensed in, or exempted from the prohibitions of, this part.