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United States: Revocation of Iran-related general licenses; updated FAQs issued

United States: Revocation of Iran-related licenses

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that Iran-related General Licenses H and I (issued in connection with the Joint Comprehensive Plan of Action (JCPOA)) have been revoked.

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As noted in the OFAC release, the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR) have been amended in order to:

  • Narrow the scope of the general licenses authorizing the importation into the United States of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the “wind down” of these trading activities through 6 August 2018
  • Issue two new general licenses authorizing the wind down, through 6 August 2018, of transactions previously authorized under General License I, and the wind down, through 4 November 2018, of transactions previously authorized under General License H

The amendment to the ITSR is effective today. These actions follow a U.S. decision to withdraw from the JCPOA and to begin re-imposing the U.S. nuclear-related sanctions that were lifted to effectuate the JCPOA sanctions relief, following a wind-down period. 

Archival versions of General Licenses H and I will remain available on OFAC’s website to assist persons in determining which activities were not sanctionable or prohibited while those authorizations were in effect and how best to wind down such activity.

FAQs

OFAC also updated a list of “frequently asked questions” (FAQs) 4.3, 4.4, and 4.5 from the FAQs regarding the re-imposition of sanctions. Read the updated FAQs [PDF 265 KB]

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich

Partner, Global Practice Leader

T: 312-665-1022

E: dzuvich@kpmg.com

 

Andy Siciliano

Partner, National Practice Leader

T: 631-425-6057

E: asiciliano@kpmg.com

 

Irina Vaysfeld

Principal

T: 212-872-2973

E: ivaysfeld@kpmg.com

 

Robert Waldrop

Principal

T: 212-954-8117 

E: rwaldrop@kpmg.com

 

Christopher Young

Principal

T: 312-665-3229

E: christopheryoung@kpmg.com

 

George Zaharatos

Principal

T: 404-222-3292

E: gzaharatos@kpmg.com

John L. McLoughlin

Principal, East Coast Leader

T: 267-256-2614

E: jlmcloughlin@kpmg.com

 

Luis (Lou) Abad

Principal, WNT

T: 212-954-3094

E: labad@kpmg.com

 

Amie Ahanchian

Managing Director

T: 202-533-3247

E: aahanchian@kpmg.com

 

Gisele Belotto

Managing Director

T: 305-913-2779

E: gbelotto@kpmg.com

 

Andy Doornaert

Managing Director

T: 313-230-3080

E: adoornaert@kpmg.com

 

Jessica Libby

Managing Director

T: 612-305-5533

E: jlibby@kpmg.com 

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