What is a blocked asset?

OFAC Attorney: A blocked or frozen asset is subject to significant restrictions due to the imposition of economic sanctions administered by OFAC. Title to blocked property remains with the target, but the exercise of powers and privileges normally associated with ownership of the property is prohibited without OFAC’s prior authorization. Blocking an asset immediately imposes an across-the-board prohibition against transfers or dealings of any kind with regard to the property. The terms “blocked” and “frozen” are interchangeable and OFAC uses the terms to describe the same thing.