Temporary Suspension of Limited US Sanctions Restrictions on Dealings With Iran

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On January 20, 2014, the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued Guidance Relating to the Provision of Certain Temporary Sanctions Relief (Guidance) to explain the limited and temporary sanctions relief being granted pursuant to the US Government’s commitment under the Joint Plan of Action (JPOA) reached on November 24, 2013 between the P5+1 (United States, United Kingdom, Germany, France, Russia and China) and Iran in the context of the nuclear negotiations with Iran.

The sanctions relief is limited to specified sectors and limited types of activity only. It is granted on a temporary and reversible basis. All authorized relief, including all activities and payments, must take place during the six-month period starting on January 20, 2014 and ending on July 20, 2014. Subsequent performance or payment will not be authorized.

Please see full alert below for more information.

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Topics:  EU, Foreign Policy, Iran, Iran Sanctions, OFAC, U.S. Treasury

Published In: General Business Updates, Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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