News Alert: Iran Sanctions
On May 8, 2018, re-imposition of sanctions pursuant to the National Security Presidential Memorandum relating to the Joint Comprehensive Plan of Action (JCPOA) has been announced by President Donald Trump.The directive has been posted on the Department of the Treasury website. The Department of State and Treasury will take the necessary steps to establish a 90-day and a 180-day wind down period for activities involving Iran provided under JCPOA.
The 90-day wind down period will end on August 6, 2018, and the U.S. government will revoke the following JCPOA-related authorizations under U.S. primary sanctions regarding Iran.
- The importation into the United States of Iranian-origin carpets and foodstuffs and certain related financial transactions pursuant to general licenses under the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR);
- Activities undertaken pursuant to specific licenses issued in connection with the Statement of Licensing Policy for Activities Related to the Export or Re-export to Iran of Commercial Passenger Aircraft and Related Parts and Services (JCPOA SLP); and
- Activities undertaken pursuant to General License I relating to contingent contracts for activities eligible for authorization under the JCPOA SLP.
Full guidance regarding the re-imposition of the sanctions are posted on this link: