US imposes extra economic sanctions in Iran

Following the recent escalation of tension between Iran and the US, the US Treasury Department has announced additional US sanctions.

The additional sanctions may be imposed against any individual owning, operating, trading with, or assisting sectors of the Iranian economy including construction, manufacturing, textiles, and mining.

As a result, trade with Iran in almost all industry sectors is now barred except for trade in medicine/medical items and food and agricultural commodities.

Concurrent with issuance of the new EO, the US Treasury Department has added additional blocked individuals, entities and vessels to its SDN List.

The new sanctions also authorize the imposition of sanctions on a foreign financial institution upon a determination that the foreign financial institution has, on or after January 10th 2020, knowingly conducted or facilitated any significant financial transaction:

  • for the sale, supply, or transfer to or from Iran of significant goods or services used in connection with a prohibited sector of the Iranian economy, or
  • for or on behalf of any person whose property and interests in property are blocked.

https://www.treasury.gov/resource-center/sanctions/OFACEnforcement/Pages/20200110.aspx

The Executive Order providing for the imposition of the sanctions is at: https://www.whitehouse.gov/presidential-actions/executive-order-imposing-sanctionsrespect-additional-sectors-iran/

https://www.american-club.com/files/files/cir_02_20.pdf