State Issues Iran Sanctions Waiver Under Joint Action Plan

The State Department issued a notice concerning the Jan. 20 implementation of sanctions relief outlined in the Joint Plan of Action, the deal struck between P5+1 countries and Iran to scale back Iranian nuclear enrichment activities. The relief targets Iranian exports of petrochemical products, Iran’s purchase and sale of gold and precious metals, the provision of goods and services to Iran’s automotive sector, and the licensing of safety-of-flight inspections and repairs for Iranian civil aviation, along with the establishment of channels to permit humanitarian goods import. The relief also eases restrictions on Iranian export of crude oil. U.S. citizens and foreign entities owned or controlled by U.S. citizens continue to be generally prohibited from conducting transactions with Iran, unless licensed to do so by the Treasury Department’s Office of Foreign Assets Control (OFAC). OFAC provided guidelines for the sanctions relief on Jan. 20 (see 14012113). The relief measures expire on July 20. The P5+1 countries include the U.S., Russia, China, United Kingdom, France and Germany.