OFAC Revokes JCPOA-Related General Licenses, Amends Iranian Transactions and Sanctions Regulations, and Publishes Updated FAQ

2018/07/30

(Source: Treasury/OFAC, 27 Jun 2018.)

Several actions are being taken in furtherance of President Trump’s May 8, 2018 decision to withdraw from the JCPOA and begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a wind-down period. These actions include:

  • The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has revoked Iran-related General Licenses H and I, which were issued in connection with the Joint Comprehensive Plan of Action (JCPOA). Archival versions of General Licenses H and Iwill still be available on OFAC’s website to assist persons in determining which activities were not sanctionable or prohibited while those authorizations were in effect and how best to wind down such activity.
  • OFAC also amended the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), in order to narrow the scope of the general licenses authorizing the importation into the United States of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the wind down of such activities through August 6, 2018 and to issue two new general licenses authorizing the wind down, through August 6, 2018, of transactions previously authorized under General License I, and the wind down, through November 4, 2018, of transactions previously authorized under General License H.  The amendment of the ITSR is now effective and published in the Federal Register.
  • OFAC has also updated Frequently Asked Questions (FAQs) 4.3, 4.4, and 4.5from its FAQs Regarding the Re-Imposition of Sanctions Pursuant to the May 8, 2018 NSPM Relating to the JCPOA.

Details: https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180627.aspx