On September 20, 2019, in response to recent attacks on certain Saudi Arabian oil facilities, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) took action pursuant to Executive Order 13224 against three Iranian entities: (i) the National Development Fund of Iran (“NDF”) (ii) Etemad Tejarat Pars Co., and (iii) the Central Bank of Iran (“CBI”). Executive Order 13224 authorizes the designation of parties if, among other things, they attempt to commit, or pose a significant risk of committing, acts of terrorism.
On July 23, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an Iran-Related Civil Aviation Industry Advisory (the “Advisory”) that provides cautionary guidance to the civil aviation industry on compliance with US sanctions measures targeting Iran. The Advisory articulates the following key messages: (i) both US and non-US parties in the civil aviation industry remain at risk of US enforcement actions and economic sanctions for engaging in or supporting unauthorized transfers of aircraft or related goods, technology, or services to Iran or to designated Iranian airlines; (ii) the international civil aviation industry stakeholders – including airlines, charter operators, travel distributors and ticket agents, OEMs, suppliers, and service providers – must be on alert for certain deceptive practices used by Iran-related parties to circumvent US sanctions; and (iii) parties should be aware of certain aspects of US sanctions targeting Iran that relate specifically to the civil aviation industry.
On November 5, 2018, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) took several actions to finalize the re-imposition of sanctions against Iran in response to President Trump’s May 8, 2018 decision to cease the United States’ participation in the Joint Comprehensive Plan of Action (“JCPOA”). See our previous blog posts here regarding the President’s May 8, 2018 decision to cease the United States’ participation in the JCPOA and here regarding Executive Order (“EO”) 13846, issued on August 6, 2018, which consolidated and reissued several sanctions provisions that had been suspended or revoked while the JCPOA was in effect.
On October 16, 2018, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) designated certain Iranian entities and banks as Specially Designated Nationals (“SDNs”) pursuant to Executive Order (“EO”) 13224, which targets terrorists and those providing support to terrorism. A full list of those entities designated as part of this action is available here. US Persons (i.e., entities organized under US laws and their non-US branches; parties physically located in the United States; US citizens and permanent resident aliens wherever located or employed) are prohibited from dealing directly or indirectly with SDNs. Under the Iranian Transactions and Sanctions Regulations (“ITSR”), non-US entities owned or controlled by US Persons are also prohibited from dealing with SDNs that are located or based in Iran (regardless of their reason for designation) or owned or controlled by the Government of Iran (regardless of where they are located).