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.