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Import Authorizations for Iranian Goods Narrowed

Thursday, June 28, 2018
Sandler, Travis & Rosenberg Trade Report

The Treasury Department’s Office of Foreign Assets Control has issued a final rule that, effective June 28, will amend the Iranian Transactions and Sanctions Regulations as follows to implement President Trump’s decision to end the United States’ participation in the Joint Comprehensive Plan of Action on Iran’s nuclear program.

- narrow the scope of the general licenses authorizing the importation of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the wind down of such activities through Aug. 6

- revoke general license I and add a new general license to authorize the wind down, through Aug. 6, of transactions related to the negotiation of contingent contracts for activities eligible for authorization under the statement of licensing policy for exports of commercial passenger aircraft and related parts and services to Iran for exclusively civil aviation end-use (which has been rescinded)

- revoke general license H and add a new general license to authorize the wind down, through Nov. 4, of certain transactions relating to foreign entities owned or controlled by a U.S. person

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