U.S. Treasury Updates Iran Sanctions Regulations

June 27, 2018

Treasury sealOn June 27, the U.S. Treasury issued updated guidance on Iran sanctions related to the U.S. withdrawal from the 2015 nuclear deal. The Office of Foreign Assets Control (OFAC) revoked two general licenses, including the one that had allowed the export of commercial passenger aircraft and related parts and services to Iran. The following is the full statement outlining the changes.

 

Revocation of JCPOA-Related General Licenses; Amendment of the Iranian Transactions and Sanctions Regulations; Publication of Updated FAQs

6/27/2018

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has revoked Iran-related General Licenses H and I, which were issued in connection with the Joint Comprehensive Plan of Action (JCPOA).

OFAC also amended the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), in order to narrow the scope of the general licenses authorizing the importation into the United States of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the wind down of such activities through August 6, 2018 and to issue two new general licenses authorizing the wind down, through August 6, 2018, of transactions previously authorized under General License I, and the wind down, through November 4, 2018, of transactions previously authorized under General License H. The amendment of the ITSR is effective today.

OFAC has also updated Frequently Asked Questions (FAQs) 4.3, 4.4, and 4.5 from its FAQs Regarding the Re-Imposition of Sanctions Pursuant to the May 8, 2018 NSPM Relating to the JCPOA.

These actions are in furtherance of the President’s May 8, 2018 decision to withdraw from the JCPOA and to begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a wind-down period.

Archival versions of General Licenses H and I will remain available on OFAC’s website to assist persons in determining which activities were not sanctionable or prohibited while those authorizations were in effect and how best to wind down such activity.