Recently the U.S. Treasury Department Office of Foreign Assets
Control (OFAC) issued new Iranian Transactions and Sanctions
Regulations. Notably, the regulations formally address
financing provisions for authorized sales to Iran of agricultural
commodities, medicine and medical devices. Previously such
provisions were found only on OFAC's website, and companies
selling these products to Iran reported issues receiving payment as
banks refused to participate in the transactions.
On October 22, 2012, the U.S. Department of the Treasury's
Office of Foreign Assets Control (OFAC) published a notice
replacing its Iranian Transactions Regulations in their entirety
with new Iranian Transactions and Sanctions Regulations (ITSR),
which will appear at 31 CFR Part 560. Of particular note, the
ITSR formalize provisions for the financing of authorized sales of
agricultural commodities, medicine and medical devices to Iran
pursuant to the Trade Sanctions Reform and Export
