Effective May 29, 2013, Canada significantly expanded its existing economic sanctions measures against Iran by implementing a general ban on supplying or sourcing goods to or from Iran and a prohibition on making any investments in Iran. Up until now, Canada’s sanctions measures have been restricted to nuclear and military activities, financial services, as well as activities in certain sectors of the Iranian economy, including oil and gas, mining, telecommunications and shipping.
These changes will have an impact on all Canadian companies engaged in cross-border activity, regardless of whether or not it involves Iran, as Canada has also added dozens of entities and individuals to its blacklist of designated persons. Companies should immediately review their trade control policies and procedures, including their screening protocols, to ensure that they are in compliance with these new requirements.
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