Iran Sanctions Now Apply to Foreign Subsidiaries of U.S. Corporations
From Corporate Law Report:
On October 9, President Obama issued an Executive Order that makes foreign subsidiaries of U.S. corporations subject to sanctions on doing business with Iran. From law firm King & Spalding:
“Under Section 4 [of the Iran Threat Reduction and Syria Human Rights Act], no entity that is owned or controlled by a U.S. person and established or maintained outside the United States may ‘knowingly engage in any transaction, directly or indirectly, with the Government of Iran or any person subject to the jurisdiction of the Government of Iran’ if the transaction would be prohibited if performed by a U.S. person or a person in the United States.”
For your reference, five takeaways from the Executive Order…”
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