The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that Iran-related General Licenses H and I (issued in connection with the Joint Comprehensive Plan of Action (JCPOA)) have been revoked.
As noted in the OFAC release, the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR) have been amended in order to:
The amendment to the ITSR is effective today. These actions follow a U.S. decision to withdraw from the 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.
Archival versions of General Licenses H and I will remain 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 updated a list of “frequently asked questions” (FAQs) 4.3, 4.4, and 4.5 from the FAQs regarding the re-imposition of sanctions. Read the updated FAQs [PDF 265 KB]
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Partner, Global Practice Leader
Partner, National Practice Leader
John L. McLoughlin
Principal, East Coast Leader
Luis (Lou) Abad
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