OFAC Amends Iranian Financial Sanctions Regulations; Clarifies Definitions, Adds Sanctions
The Treasury Department’s Office of Foreign Assets Control amended parts of the Iranian Financial Sanctions regulations. The changes implement sections 503 and 504 of the Iran Threat Reduction and Syria Human Rights Act of 2012, according to OFAC. Some of the changes include:
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- Adding the sale of agricultural commodities to Iran to the list of transactions exempt from National Defense Authorization Act-imposed sanctions.
- Eliminating sanction distinction between foreign government-owned or controlled financial institutions and privately owned financial institutions. Both types are now subject to sanctions for any “significant transactions knowingly conducted or facilitated with the Central Bank of iran or other designated Iranian financial institutions, whether or not the transactions are for the sale or purchase of petroleum or petroleum products to or from Iran.”
- Narrows scope of significant reduction exemption, to cover only certain financial transactions for bilateral trade between Iran and the significantly reducing country.
(Federal Register 03/15/13)