OFAC Publishes Guidance on Iran Sanctions Relief
The Treasury Department’s Office of Foreign Assets Control (OFAC) published on Jan. 20 guidance for Iran sanctions relief in order to implement the joint plan of action (JPOA), brokered between Iran and P5+1 countries on Nov. 24, 2013. The sanctions relief will take place from Jan. 20 to July 20, and the U.S. retains the right to scale back the relief in the event of JPOA violation. With the exception of certain civil aviation and humanitarian activities, the sanctions relief does not apply to U.S. persons or foreign entities owned or controlled by U.S. persons that are otherwise subject to the Iranian Transactions and Sanctions Regulations. or other related U.S. sanctions law. The relief does not involve persons on the OFAC Specially Designated Nationals and Blocked Persons lists, unless otherwise noted, OFAC said. The relief lifts sanctions in the following areas:
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- Iran’s Export of Petrochemical Products
- Iran’s Auto Industry
- Iranian Gold and Other Precious Metals
- Iran’s Export of Crude Oil
- Facilitation of Humanitarian and Certain Other Transactions
The P5+1 countries include the U.S., Russia, China, United Kingdom, France and Germany.