Iran Sanctions Office of Foreign Assets Control

News & Analysis as of

Is Iran Open for Business for U.S. Exporters?

On August 7, 2015, the U.S. Government issued a revised Guidance regarding Iran and also issued a Third Amended Statement of Licensing Policy on Activities Related to the Safety of Iran’s Civil Aviation Industry. The bottom...more

Switzerland Is the First Country to Lift Some Sanctions on Iran

Certain US sanctions on Iran may be lifted mid to late 2016 or even later. On August 13, Switzerland became the first country to formally lift certain sanctions on Iran, following the announcement of the Iran nuclear...more

OFAC Announces Settlement Agreement with Insurance Company

On August 6, OFAC announced a $271,815 settlement with a New York-based insurance company with an overall focus on marine insurance and related lines of business, professional liability insurance, and commercial umbrella and...more

Insurers Take Notice: Don’t Become a Casualty of Trade Sanctions Violations!

The U.S. Department of Commerce’s Office of Foreign Assets Control (OFAC) announced that Navigators Insurance Company, which is headquartered in New York and specializes in marine insurance and related lines of business,...more

Iran Sanctions: Change is Coming, But Risks and Uncertainties Remain

The Joint Comprehensive Plan of Action (“JCPOA”) that was signed on July 14, 2015 among Iran and the United States, Germany, UK, France, Russia and China (referred to as “P5+1” in the United States and “E3+3” in the EU) could...more

OFAC Levies Penalty for Violations of the Iranian Transactions and Sanctions Regulations

On July 29, OFAC announced that it levied a $82,260 civil penalty against Blue Robin, Inc. for violating certain provisions of the Iranian Transactions and Sanctions Regulations. According to OFAC, from 2009 through 2010,...more

Sanctions Round Up: Second Quarter 2015

After almost two years of negotiations, the P5+1 and Iran reach a final comprehensive agreement regarding Iran’s nuclear program, which will likely result in the gradual lifting of international and US sanctions by early next...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

The Nuclear Deal With Iran: The Lifting of Sanctions and Implications for Business

On July 14, 2015, after two years of sometimes intense negotiations, the United States, the United Kingdom, France, Germany, Russia, and China (known as the “P5+1” countries), along with the European Union, signed a Joint...more

Iran – Don’t Forget the General License!

Iran entered into a historic nuclear agreement with the U.S. and other world powers on July 14th 2015. The agreement will allow the licensing of the export, re-export, sale, lease or transfer to Iran of commercial passenger...more

Potential Upstream Investment Under the New Iranian Petroleum Contract

The signing of the JCPOA regarding Iran nuclear sanctions may usher in a new era of major international investment in the Iranian oil and gas industry....more

Finalized Iran Nuclear Deal Outlines Changes for U.S. and EU Sanctions

On July 14, 2015, negotiators from Iran, the EU, and the P5+1 countries —China, France, Russia, the United Kingdom, the United States, and Germany—announced that they had reached a consensus on the final text of the Joint...more

OFAC Provides Overview of Agreement with Iran Regarding Sanctions Relief

On July 14, OFAC released a statement regarding the agreement reached with Iran over its nuclear program. Following months of diplomacy, OFAC stated that the P5 + 1 reached a Joint Comprehensive Plan of Action (JCPOA) with...more

Vienna Deal Brings Iran In From The Cold

After months of wrangling, a deal has finally been reached allowing Iran to develop a peaceful domestic nuclear programme with the lifting of economic and financial sanctions.This is on the strict proviso that Iran does not...more

"Sanctions Relief Under the P5+1 Agreement With Iran: Implications for US, EU and International Business"

Editor’s note: This article was updated on July 23, 2015, to Editor’s note: This article was updated on July 23, 2015, to reflect certain additional information in U.N. Security Council Resolution 2231. On July 14, 2015,...more

Opportunity, Uncertainty for Entities Wishing to Do Business with Iran

Nuclear Deal with Iran Holds Out Possibility of Phased Relaxation of Sanctions - On July 14, 2015, the United States and five other countries (collectively known as the P5+11) reached a Joint Comprehensive Plan of...more

Iranian Nuclear Accord Reached, But Specific Implementation of Meaningful Sanctions Relief Will Not Be Immediate

On July 14, 2015, the “P5+1” nations (the United States, China, France, Germany, Russia, and the United Kingdom), together with the European Union and the Islamic Republic of Iran (“Iran”), reached a Joint Comprehensive Plan...more

Historic Agreement Reached with Iran—Iranian Nuclear Commitments in Exchange for Sanctions Relief

The Joint Comprehensive Plan of Action (JCPOA) - On July 14, 2015, following two years of negotiations, China, France, Germany, Russia, the United Kingdom, the United States and the European Union (referred to as P5+1 or...more

P5+1 Nations Reach Nuclear Deal with Iran

On July 14, 2015, the P5+1 nations (United States, United Kingdom, France, Russia, China and Germany) and Iran announced that they had agreed upon a Joint Comprehensive Plan of Action (JCPOA) regarding Iran’s nuclear program....more

Impact of Iran Accord on International Business - Briefing the "C" Suite on the Joint Comprehensive Plan of Action with Iran

On July 14, 2015, the United States, France, China, Russia, the United Kingdom, Germany and the European Union (EU) entered into the Joint Comprehensive Plan of Action (JCPOA) with Iran after years of difficult negotiations....more

A Break From the Past: Historic Deal with Iran Marks A New Day in U.S.-Iran Relations

Today, President Obama announced a landmark agreement with Iran designed to prevent Iran from obtaining a nuclear weapon in exchange for lifting sanctions that have retarded the country’s development for the decades since the...more

Trade & Manufacturing - July 2015

In This Issue: - Update on Trade Promotion Authority and Companion Trade Bills: A Lot Can Happen In Washington In 34 Days - Congress Allows Export-Import Bank Charter to Expire, for Now - WTO Finds That COOL Is...more

Update: OFAC Releases Guidance on the Continuation of Certain Temporary Sanctions Relief Under the JPOA

On July 7, the P5 + 1, EU, and Iran agreed to extend the JPOA for three days to further negotiations in reaching a comprehensive solution surrounding Iran’s nuclear program. ...more

OFAC Releases Guidance on the Continuation of Certain Temporary Sanctions Under the JPOA

On June 30, the P5 + 1, European Union, and Iran agreed to extend the Joint Plan of Action for seven days, furthering negotiations to reach a solution to reduce Iran’s nuclear program. In conjunction with the announcement of...more

The War Against Cyber Threats: President Obama Ups the Ante

Focusing on overseas cyber threats, President Obama issued an Executive Order on April 1, 2015, which grants authorization to impose sanctions on individuals and entities engaged "in malicious cyber-enabled activities that...more

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