The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced the following guidance concerning an executive order reimposing sanctions with respect to Iran:
Today, 6 August 2018, is the last day of the 90-day wind-down of certain sanctions relief specified in the JCPOA and as set out in the FAQs.
When President Trump ended U.S. participation in the JCPOA in May 2018, it was announced that the administration would be re-imposing sanctions on the Iranian regime after two wind-down periods (90 days and 180 days) for business activities involving Iran. The first wind-down period (90 days) is ending, and the following sanctions will be re-imposed of as of 7 August 2018:
The 180-day or second wind-down period will conclude 4 November 2018, at which time, the following remaining sanctions will be put into place to affect:
The United States also in November 2018 will re-list hundreds of individuals, entities, vessels, and aircraft that were previously included on sanctions lists. Since the withdrawal of the United States from the JCPOA, the administration has sanctioned 38 Iran-related targets in six separate actions.
Read Executive Order 13846 [PDF 197 KB] released today for publication in the Federal Register
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
John L. McLoughlin
Luis (Lou) Abad
© 2020 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.