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ARTICLE · 11 AUGUST 2012

New Iran Sanctions May Impact Export Transactions

Duane Morris LLP
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On July 31, 2012, U.S. President Obama signed an Executive Order (E.O.) authorizing additional sanctions with respect to Iran.

United StatesInternational Law
Brian Goldstein
Brian Goldstein
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On July 31, 2012, U.S. President Obama signed an Executive Order (E.O.) authorizing additional sanctions with respect to Iran.

Pursuant to the E.O., the U.S. Secretary of the Treasury and Secretary of State have been authorized to take action to prevent Iran from obtaining revenue from petroleum, petroleum products and petrochemicals for illicit purposes.

The E.O. authorizes the imposition on a foreign financial institution upon a determination that the foreign financial institution ". . . has knowingly conducted or facilitated any significant financial transaction . . . with the National Iranian Oil Company (NIOC) or Naftiran Intertrade Company (NICO) . . . [or] for the purchase or acquisition of petroleum or petroleum products from Iran" through any channel.

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