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
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