The US Treasury has published new guidance on the implementation of the Iran nuclear deal (JCPOA) and the continuation of sanctions relief agreed in November 2013 (JPOA). It has also published advice relating to frequently asked questions on the nuclear deal and a new licensing policy relating to the safety of Iran’s civil aviation industry.
The guidance covers sanctions relating to Iran’s export of petrochemical products and crude oil, its auto industry, gold and other precious metals, civil aviation, and humanitarian and certain other transactions. The FAQ covers a range of questions on the timeline and process for implementation of the JCPOA and on the status of ongoing sanctions relief under the JPOA, and the new licensing policy provides for OFAC to authorise transactions aimed at ensuring the safe operation of Iranian commercial passenger aircraft, in accordance with the JCPOA and JPOA. The licences may cover activities including but not limited to the inspection of commercial aircraft and parts, repair and servicing of commercial aircraft, and related goods or technology, including spare parts.