Canada Eases Economic Sanctions Against Iran

The Office of the Superintendent of Financial Institutions (OSFI) recently announced the easing of certain economic sanctions against Iran.  According to the Government of Canada, these actions have been taken in concert with international efforts to recognize the progress that Iran has made to scale down its nuclear program and to subject it to international monitoring under the Joint Comprehensive Plan of Action.

Effective February 5, 2016, amendments were made to the Special Economic Measures (Iran) Regulations (SEMA Iran Regulations), enacted pursuant to the Special Economic Measures Act, to remove broad prohibitions on providing or acquiring financial or other services to or from Iran.  The amendments also remove the prohibition on investing in Iranian entities.  Finally, the amendments modify the list of individuals and entities listed in Schedule 1 to the SEMA Iran Regulations that are subject to various sanctions, including an asset freeze and a