U.S. Doubles Down with Additional Iran Sanctions

Last week, both President Obama and the U.S. Congress imposed additional sanctions on financial institutions and other entities that seek to do business with Iranian interests. From law firm White & Case:

“The [Executive] Order, entitled ‘Authorizing Additional Sanctions with Respect to Iran,’ authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to impose new sanctions on foreign financial institutions determined to have knowingly conducted or facilitated specified significant financial transactions with the National Iranian Oil Company (“NIOC”) or Naftiran Intertrade Company (“NICO”), or any entities owned, controlled by, or acting on behalf of NIOC or NICO…

… the US Congress passed new legislation [that] … implements a host of sanctions measures which: strengthen preexisting sanctions under [the Iran Sanctions Act]; impose additional financial sanctions aimed at further restricting Iran’s access to the international financial system; impose new sanctions targeting Iran’s Islamic Revolutionary Guard Corps as well as human rights violators in Iran and Syria, and their enablers; and prohibit the provision of insurance or reinsurance to the National Iranian Tanker Company, NIOC, or their successors, as well as of the provision of transport or shipping vessels to support violent extremists in Iran or persons that transport crude oil from Iran.”

Read the full update, US Issues New Executive Order Authorizing Additional Iran Sanctions and Sanctions New Entities Pursuant to CISADA; Congress Approves New Iran Sanctions Legislation - by White & Case LLP»