Following the implementation of the JCPOA last Saturday (see previous blog), the US Treasury has published guidance on what the changes mean for US sanctions on Iran, in the form of a guidance note and FAQ. These explain the US sanctions that have been lifted and those that remain in place, and the implications for US and non-US persons. Some of the key points are as follows:
- The vast majority of US primary sanctions, including its general embargo on trade with Iran, remain in place following implementation of the JCPOA, which carves out a small number of exceptions. The US has introduced a case-by-case licensing policy for trade in commercial passenger aircraft and related parts, and has authorised the import of Iranian-origin carpets and foodstuffs into the US (see below).
- A substantial amount of US secondary sanctions (ie on non US persons) on Iran have been lifted, but non-US persons are still prohibited from knowingly seeking to evade continuing US restrictions on transactions and trade with Iran, including by entering into transactions with the more than 200 people and entities who are still listed as SDNs or with the Islamic Revolutionary Guard Corps, or involving sectors, goods, or services that are still subject to secondary sanctions.
- The US has issued General License H, which authorises non-US entities that are owned or controlled by US persons to engage in a range of transactions involving Iran that were previously prohibited unless authorised by OFAC, provided they are consistent with the JCPOA. Accordingly, non-US entities are authorised to engage in transactions with the Government of Iran or Iranian persons that would otherwise be prohibited by the Iranian Transactions and Sanctions Regulations (the US trade and transactions embargo on Iran), with certain exceptions. There are still prohibitions on the facilitation of transactions between non-US persons that would be prohibited were US persons directly involved (subject to exceptions).
The US Treasury has also published:
- A new licensing policy for activities relating to the export of commercial passenger aircraft, which allows for the authorisation, on a case-by-case basis, of trade in commercial passenger aircraft, related parts, and associated services.
- A new licence authorising the import of Iranian carpets and foodstuffs, including pistachios and caviar.
- A list of people & entities that have been de-listed from the USA’s Iran nuclear sanctions.
A list of the US Treasury’s guidance and other publications relating to the JCPOA is here.