{"id":263,"date":"2018-05-15T17:32:49","date_gmt":"2018-05-15T17:32:49","guid":{"rendered":"http:\/\/exportcompliancesolutions.com\/blog\/?p=263"},"modified":"2018-05-15T17:32:49","modified_gmt":"2018-05-15T17:32:49","slug":"iran-sanctions-reimposed-no-mr-nice-guy","status":"publish","type":"post","link":"https:\/\/exportcompliancesolutions.com\/blog\/2018\/05\/15\/iran-sanctions-reimposed-no-mr-nice-guy\/","title":{"rendered":"Iran Sanctions Reimposed\u2014No More Mr. Nice Guy"},"content":{"rendered":"

On May 8, 2018, the White House announced<\/a> the termination of U.S. participation in the Joint Comprehensive Plan of Action (JCPOA) with Iran.\u00a0 Previously suspended sanctions, particularly related to Iran\u2019s energy, petrochemical, and financial sectors will be re-imposed subject to a wind-down periods for existing business.<\/p>\n

The Department of the Treasury released a follow-on statement<\/a> including the following:<\/p>\n

As soon as is administratively feasible, the Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) expects to revoke, or amend, as appropriate, general and specific licenses issued in connection with the JCPOA.\u00a0 At that time, OFAC will issue new authorizations to allow the wind down of transactions and activities that were authorized pursuant to the revoked or amended general and specific licenses.\u00a0 At the end of the 90-day and 180-day wind-down periods, the applicable sanctions will come back into full effect.<\/p>\n

OFAC also posted FAQs on the re-imposition of sanctions<\/a>.\u00a0 Notably, the 90-day wind-down period that ends on August 6, 2018 includes:<\/p>\n

ii.\u00a0 Activities undertaken pursuant to specific licenses issued in connection with the Statement of Licensing Policy for Activities Related to the Export or Re-export to Iran of Commercial Passenger Aircraft and Related Parts and Services<\/em> (JCPOA SLP); and<\/p>\n

iii.\u00a0 Activities undertaken pursuant to General License I relating to contingent contracts for activities eligible for authorization under the JCPOA SLP.<\/p>\n

The 180-day wind-down period that ends on November 4, 2018 includes shipping, shipbuilding, petroleum, and energy sectors.\u00a0 Other categories of business are distributed between the two wind-down periods.<\/p>\n

Due to the wind-down periods, sanctions and license revocations were not yet officially implemented.\u00a0 The full FAQs may be found here<\/a>.<\/p>\n

For ITAR purposes, Iran was and remains a prohibited destination subject to a policy of denial under Section 126.1<\/a>.\u00a0 The Department of Commerce Export Administration Regulations (Section 746.7<\/a>) include both Commerce Department and OFAC licensing requirements for Iran.<\/p>\n","protected":false},"excerpt":{"rendered":"

On May 8, 2018, the White House announced the termination of U.S. participation in the Joint Comprehensive Plan of Action (JCPOA) with Iran.\u00a0 Previously suspended sanctions, particularly related to Iran\u2019s energy, petrochemical, and financial sectors will be re-imposed subject to a wind-down periods for existing business. The Department of the Treasury released a follow-on statement […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[7,3],"tags":[],"class_list":["post-263","post","type-post","status-publish","format-standard","hentry","category-all","category-compliance"],"yoast_head":"\nIran Sanctions Reimposed\u2014No More Mr. Nice Guy - Export Compliance Solutions<\/title>\n<meta name=\"description\" content=\"US withdraws from JCPOA with Iran, OFAC sanctions to return after wind-down periods.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exportcompliancesolutions.com\/blog\/2018\/05\/15\/iran-sanctions-reimposed-no-mr-nice-guy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iran Sanctions Reimposed\u2014No More Mr. Nice Guy - 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