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Iranian Sanctions Relief

On June 5th, the Federal Register published a State Department provision regarding the “limited, temporary and targeted sanctions relief to Iran” as a consequence of the agreement regarding the nuclear program reached with Iran in April.  The State Department will waive certain sanctions in the hopes of continuing to make future progress negotiating and fulfilling the commitments of a nuclear deal. OFAC will require any transaction permitted by the sanction relief to be licensed.  The sanctions relief does not apply to any entity included on any of the government agency lists (i.e. SDN List) unless enumerated.

 

What is being licensed under the sanction relief is narrow in scope and includes supply to Iran of “spare parts necessary for the safety of flight for Iranian civil aviation”, exports from specific oil companies, and the sale of precious metals. All sanctions relief is expected to terminate on July 1, 2015 unless further action is taken by the U.S. government.

 

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