January 14, 2020 – The President announced his issuing of Executive Order 13902, which extends Iranian sanctions to individuals or entities operating in Iran’s construction, manufacturing, textiles or mining sectors, or anyone trading with, or engaging in sanctioned conduct. U.S. Treasury Secretary Mnuchin also announced of 17 specific sanctions against Iran’s largest steel and iron manufacturers, three Seychelles-based entities, and a vessel involved in the transfer of products. The Office of Foreign Assets Controls (OFAC) posted the January 10, 2020 Executive Order under Financial Sanctions, with additional updates expected.
These new Iranian sanctions were imposed to deny Iran revenue, including revenue derived from the export of products from key sectors of Iran’s economy, that may be used to fund and support Iran’s nuclear program, missile development, and terrorism.
Previous sanctions were issued with respect to the iron, steel, aluminum and copper sectors in 2019; and to shipping, petroleum, energy, and financial sectors in 2018.
Specific questions may be directed to OFAC’s hotline at 1-800-540-6322, or 1-202-622-2490, or via email to ofac_feedback@treasury.gov.
If you have any general questions regarding the new Iranian sanctions on the construction, manufacturing, textiles or mining sectors, Livingston can help! Please contact either your Livingston account manager or our regulatory affairs group at usregaffairs@livingstonintl.com