Iran Sanctions

New sanctions for Iran are implemented. The statement on U.S. Department of the Treasury website states:

On May 8, 2018, the President announced his decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (JCPOA), and to begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a wind-down period. In conjunction with this announcement, the President issued a National Security Presidential Memorandum (NSPM) directing the U.S. Department of the Treasury and other Departments and Agencies to take the actions necessary to implement his decision.

Consistent with the President’s guidance, Departments and Agencies are implementing 90-day and 180-day wind-down periods for activities involving Iran that were consistent with the U.S. sanctions relief specified in the JCPOA. To effectuate the wind-down periods, on May 8, the State Department issued the necessary statutory sanctions waivers to provide for a wind-down period and plans to take appropriate action to keep such waivers in place for the duration of the relevant wind-down periods. In addition, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has now revoked, or amended, as appropriate, general and specific licenses issued in connection with the JCPOA. OFAC has also issued new authorizations to allow the wind down of transactions and activities that were authorized pursuant to the revoked or amended general and specific licenses. At the end of the 90-day and 180-day wind-down periods, the applicable sanctions will come back into full effect. 

OFAC has posted to its website additional frequently asked questions (FAQs) that provide guidance on the sanctions that are to be re-imposed and the relevant wind-down periods. 

The U.S. government will continue to make aggressive use of its authorities to target Iran’s malign behavior.

More details to come.

Source:
www.treasury.gov