OFAC REVOKES SOME JCPOA-RELATED LICENCES, AMENDS IRAN SANCTIONS REGULATIONS AND ISSUES UPDATED FAQ

On 27th June, OFAC issued a news release saying that –

  • It had revoked Iran-related General Licenses H and I, which were issued in connection with the Joint Comprehensive Plan of Action (JCPOA);
  • Amended the relevant regulations to narrow the scope of the general licences authorising the importation into the US of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, re the wind down of such activities by August 6th; and
  • Updated FAQ 4.3, 4.4 and 4.5 of its FAQ Regarding the Re-Imposition of Sanctions.

Transactions previously covered by General License I (re activities related to the export or re-export to Iran of commercial passenger aircraft and related parts and services) are to be run down by 6th August, and those previously covered by General License H (authorising certain transactions relating to foreign entities owned or controlled by a United States person) by 4th November.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180627.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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