OFAC Provides Guidance on Upcoming Iran Sanctions

With new Iran sanctions taking effect September 29, the Treasury Department’s Office of Foreign Assets Control (OFAC) has published a document providing guidance on the import prohibitions concerning Iranian-origin goods and services, which are a result of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010. As described in 31 CFR Part 560 of the bill, no one will be allowed to import commercial goods originating from Iran. As a result, OFAC cannot authorize general or specific licenses for the importation of such goods on or after September 29, 2010. According to World Trade\INTERACTIVE, "the general license in section 560.534 of the Iran Transaction Regulations will therefore be eliminated by Sept. 29 and any such goods for commercial importation into the U.S. must be entered for consumption before that date."