Wednesday, February 3, 2016
Client Alert - Iran Sanctions Update
On January 16, 2016 (“Implementation Day”), U.S. Secretary of State John Kerry confirmed that the International Atomic Energy Agency (“IAEA”) had verified Iran’s implementation of certain required measures designed to reduce Iran’s ability to produce weapons grade nuclear materials. As a result, the United States, the European Union and the United Nations suspended or lifted nuclear-related sanctions in compliance with the Joint Comprehensive Plan of Action (“JCPOA”) reached on July 14, 2015 between the P5+1 countries (China, France, Germany, Russia, the United Kingdom, and the United States), the European Union and Iran. The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) immediately issued new guidance and FAQs discussing the lifting of the nuclear-related sanctions, and eliminated designations of numerous Iranian individuals and entities from the Specially Designated Nationals (“SDN”) List.