Tag Archives: Iran

BIS Amends the EAR to Expand Sanctions Against Russia and Belarus and Over 300 New Sanctions Designations

By Trade Practitioner on Posted in Export Controls & Sanctions, Iran, Russia, US, US Regulation
On June 12, 2024, the US Department of Commerce Bureau of Industry and Security (BIS) imposed additional export control measures against Russia and Belarus by expanding the scope of items subject to the Export Administration Regulations (EAR) sectoral sanctions. The amendments to the EAR were issued in conjunction with the issuance of sanctions against over … Continue Reading

BIS Amends the EAR To Implement Additional Sanctions Against Russia and Belarus and To Revise Existing Export Controls on Russia, Belarus and Iran

By Trade Practitioner on Posted in Export Controls & Sanctions, Iran, Russia, US, US Regulation
On January 25, 2024, the US Department of Commerce Bureau of Industry and Security (BIS) published amendments to the Export Administration Regulations (EAR) expanding the sanctions against Russia and Belarus through new and revised licensing requirements. The amendments also refined existing export controls on Russia, Belarus and Iran to enhance the effectiveness of, and better … Continue Reading

BIS Amends the EAR to Impose Additional Sanctions Against Russia and Belarus and to Impose Additional Export Controls on Iran

By Trade Practitioner on Posted in Export Controls & Sanctions, Iran, Russia
Sanction, toned photoOn Friday, February 24, 2023, the US Department of Commerce, Bureau of Industry and Security (BIS) published in the Federal Register four new Final Rules amending the Export Administration Regulations (EAR) (15 CFR parts 730-774) to implement additional sanctions against Russia and Belarus, refine existing controls, implement export control measures on Iran, and add new entities to the … Continue Reading

Department of Commerce Takes Action Against Avnet Asia for Involvement in Illegally Transshipping Sensitive U.S. Commodities to China and Iran

By Trade Practitioner on Posted in Enforcement Actions, Export Controls & Sanctions, US Regulation
On January 29, 2021, Department of Commerce’s Bureau of Industry and Security (BIS) announced an Administrative Settlement of $3.2 million (partially suspended) with Singapore-based Avnet Asia Pte. Ltd. (Avnet Asia), a global distributor of electronic components and related software.… Continue Reading

China MOFCOM Issues First Order of 2021 – Counteracting Unjustified Extra-Territorial Applications of Foreign Laws

By Trade Practitioner on Posted in China, Export Controls & Sanctions
On Saturday 9 January 2021, the PRC Ministry of Commerce (MOFCOM) issued MOFCOM Order No. 1 of 2021 on Rules on Counteracting Unjustified Extra-Territorial Applications of Foreign Legislation and Other Measures (the Rules). The Rules specify that they were formulated pursuant to the PRC National Security Law for the express purpose of “counteracting the impact … Continue Reading

UK’s Office of Financial Sanctions Implementation (OFSI) Updates Financial Sanctions

By Trade Practitioner on Posted in Export Controls & Sanctions, Syria, United Kingdom
OFSI, part of the HM Treasury, working toward ensuring that financial sanctions are properly implemented and enforced in the UK, has updated numerous financial sanctions that are currently in force. The recent updates are for financial sanctions in the following regions and industries: ISIL/Da’esh and Al-Qaida Organizations Nicaragua Venezuela Central African Republic Ukraine – Sovereignty and Territorial Integrity Syria Libya … Continue Reading

Department of the Treasury Issues Iran-related Designations

By Trade Practitioner on Posted in Export Controls & Sanctions
On October 16, 2018, OFAC announced sanctions “against a vast network of businesses providing financial support to the Basij Resistance Force (Basij), a parliamentary force subordinate to Iran’s Revolutionary Guard Corps (IRGC).” According to OFAC, the Basij militia recruits, trains and deploys child soldiers to fight in IRGC conflicts across the region. Bonyad Taavon Basij, an Iran-based network, is comprised of … Continue Reading

OFAC and JPMorgan Chase Bank Agree on Settlement

By Trade Practitioner on Posted in Export Controls & Sanctions
On October 5, 2018, the US Department of the Treasury, Office of Foreign Assets Control (OFAC) announced an agreement with JPMorgan Chase Bank, N.A. (JPMC) to settle potential civil liability arising from 87 apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Weapons of Mass Destruction Proliferators Sanctions Regulations. According to OFAC, “the transactions … Continue Reading

EU Amends the Blocking Regulations to Counter US Sanctions Against Iran

By Trade Practitioner on Posted in EU, European Regulations, Export Controls & Sanctions
The amended EU Blocking Regulation entered into force on August 8. The amendment extended the scope of US sanctions against Iran with which EU citizens or entities must not comply. In addition to the updated EU Blocking Regulation, the European Commission issued: Guidance Note — Questions and Answers: adoption of update of the Blocking Statute Commission Implementing Regulation (EU) … Continue Reading

OFAC Releases CAATSA Reports to Congressional Committees

By Trade Practitioner on Posted in Export Controls & Sanctions, US, US Regulation
On 29 January 2018, OFAC announced that it released five reports to Congressional Committees pursuant to the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). The reports include (1) Section 241: Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation; (2) Section 104(e): Report on Contributions to Iran’s Ballistic Missile Program; … Continue Reading

OFAC Announces New Iran-Related Designations

By Trade Practitioner on Posted in Export Controls & Sanctions, Iran, US, US Regulation
On 4 January 2018, OFAC designated five Iran-based entities “subordinate to a key element of Iran’s ballistic missile program”. OFAC designated these entities pursuant to EO 13382 for being owned or controlled by Iran’s Shahid Bakeri Industrial Group (SBIG). The SBIG is listed in the Annex to EO 13382 and is currently sanctioned by the … Continue Reading

Trump Administration Announces Extension of Waivers of Iran Sanctions

By Trade Practitioner on Posted in Export Controls & Sanctions, US, US Regulation
In a statement issued 12 January 2018, President Trump announced that his administration was extending the waivers of certain secondary sanctions against Iran originally adopted on implementation of the Joint Comprehensive Plan of Action agreement (JCPOA) on Iran’s nuclear program. Trump stated that the move not to reinstate sanctions against Iran is to allow for … Continue Reading

Changes to the US’ Iran Policy and Additional Non-Nuclear Iran-related Designations

By Trade Practitioner on Posted in Export Controls & Sanctions, US Regulation
On 13 October, President Trump announced the results of his administration’s review of the US’ Iran policy, indicating at the same time that he would not “certify” to Iran’s compliance with the Joint Comprehensive Plan of Action (JCPOA) agreement. Since President Trump took office, he has “certified” to Iran’s compliance twice, so this is the first time that he did … Continue Reading

HMRC Publishes Advisory Notice on Money Laundering and Terrorist Financing Controls in Overseas Jurisdictions

By Trade Practitioner on Posted in Europe & Central Asia, Export Controls & Sanctions, United Kingdom
On 23 June 2017, the Financial Action Task Force (FATF) published information identifying jurisdictions with deficiencies in their antimoney laundering and counter-terrorist financing regimes. In response to this published information by the FATF, in its advisory notice, HM Treasury advises firms to consider North Korea and Iran as high-risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and … Continue Reading

US Congress Proposes New Iran Sanctions Legislation

By Trade Practitioner on Posted in EU, Export Controls & Sanctions, Iran, US
On 25 May, the Senate Foreign Relations Committee voted 18-3 to pass S. 722, the Countering Iran’s Destabilizing Activities Act of 2017 (CIDA Act). If enacted, the CIDA Act would create new sanctions against Iran with respect to ballistic missiles and the sale of prohibited arms. The sanctions measures in the CIDA Act are ostensibly … Continue Reading

US Sanctions Persons Connected to Iran’s Ballistic Missile Programme

By Trade Practitioner on Posted in China, East Asia & the Pacific, Export Controls & Sanctions, Middle East & North Africa, Syria, US, US Regulation
On 17 May 2017, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated for sanctions seven persons connected to Iran’s ballistic missile programme. Among those targeted by the sanctions are two senior Iranian defense officials, including the Deputy Director for Commerce of Iran’s Defense Industries Organization, Morteza Farasatpour. Farasatpour was responsible for coordinating … Continue Reading

European Court of Justice Judgment on Damages for Unlawful European Union Sanctions Listing

By Trade Practitioner on Posted in EU, Europe & Central Asia, European Regulations, Export Controls & Sanctions
On 30 May, the European Court of Justice handed down its judgment in an appeal brought by Safa Nicu Sepahan Co., an Iranian company whose main field of activities includes distribution and transmission of power projects. The company successfully applied in November 2014, in its application before the General Court, to have its name removed … Continue Reading
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