Yes, OFAC can impose sanctions on entire countries. Examples include North Korea, Iran, Syria, and Cuba. Country-wide sanctions may prohibit virtually all trade, financial transactions, and investment activities with residents or entities of the sanctioned country. Some sanctions may be partial, affecting specific sectors or types of transactions. Financial institutions and businesses must implement systems to prevent dealings with restricted countries. Violations of country-wide sanctions can result in severe penalties, including fines and criminal charges.
