Jonathan M. Epstein is a Partner in our Washington
D.C. office.
President Obama has issued a new Executive Order that goes into
effect July 1, 2013. The Executive Order targets new areas of the
Iranian economy for sanctions, including exchange transactions
involving Iranian Rials and Iran's automotive industry.
Further, OFAC has issued long-awaited guidance on the sweeping
sanctions against the energy, shipping and shipbuilding sectors of
Iran, as well as Iranian port operators, under the Iran Freedom and
Counter-Proliferation Act of 2012 (IFCA), which also comes into
effect July 1, 2013. (See our prior "
Iran Sanctions Update," January 16, 2013.)
These latest actions follow previous U.S. sanctions imposing
potentially severe sanctions on non-U.S. companies that engage in,
finance, or insure trade with Iran in sanctionable cargo, deal with
specific Iranian sanctioned entities, or aid Iranian entities in
evading U.S. financial and other sanctions.
