US Strengthens Restrictions on Iran – with One Notable Exception

It’s a busy time for US government officials charged with imposing sanctions against Iran. What’s new?

1. Sanctions on financial institutions that trade in Iran’s currency:

“On June 3, the Obama Administration announced a new Executive Order authorizing sanctions that directly target trade in Iran’s currency, the rial. The order authorizes the Treasury Secretary to take action against foreign financial institutions that knowingly conduct or facilitate significant transactions for the purchase or sale of the rial, or that maintain significant accounts outside of Iran denominated in the rial.” (BuckleySandler)

2. Broader restrictions targeting the shipping, shipbuilding, energy, metals, and insurance industries:

“[President Obama’s June 3, 2013 ) Executive Order provides, inter alia, for blocking the property of — or, in some cases — imposition of other financial and related restrictions against … persons that (i) knowingly sell, supply or transfer to or from Iran significant goods or services used in connection with the energy, shipping or shipbuilding sectors of Iran, […] (ii) in certain cases, knowingly sell, supply or transfer, directly or indirectly, to or from Iran, precious metals, graphite, raw or semi-finished metals, such as aluminum and steel, coal and software for integrating industrial processes, and (iii) knowingly provide underwriting, insurance or reinsurance services for certain sanctionable activities, to or for certain sanctionable persons, or to or for certain Iran-related SDNs.” (BakerHostetler)

3. New license authorizing the exportation of consumer communications equipment:

“On May 30, 2013, the Office of Foreign Assets Control of the United States Department of the Treasury announced the issuance of a general license authorizing the exportation to Iran of certain services, software, and hardware incident to personal communications. The general license will allow U.S. persons to export consumer communications equipment and software to Iranian citizens.” (Fuerst Ittleman)

The updates:

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