OFAC Issues General License for Exports to Iran
The Office of Foreign Assets Control on March 24 issued General License I (here): Authorizing Certain Transactions Related to the Negotiation of, and Entry into, Contingent Contracts for Activities Eligible for Authorization Under the Statement of Licensing Policy for Activities…
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Related to the Export or Re-export to Iran of Commercial Passenger Aircraft and Related Parts and Services. The license authorizes approved U.S. individuals to engage in “all transactions ordinarily incident to the negotiation of and entry into” contracts for activities eligible under U.S. licensing policy for export and re-export into Iran of commercial passenger aircraft and related items. OFAC also said it has updated its frequently asked questions on the lifting of secondary sanctions under the Joint Comprehensive Plan of Action (here), as it relates to the general license. OFAC issued the license to facilitate more efficient processing of export and re-export applications, it said (here).