08132010 US Treasury Office of Foreign Assets and Control Updates Website on Iranian Sanctions

U.S. TREASURY DEPT. UPDATES
INFO ON IRANIAN SANCTIONS

WASHINGTON, DC. -- The US Department of the Treasury,  Office of Foreign Assets and Control has updated its web-site to include the guidance regarding import prohibitions imposed by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (H.R. 2194).

On July 1, 2010, the President signed into law the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010.  The “Act,”, which among other things, prohibits the importation of Iranian origin goods and services into the United States, effective 90 days after the Act’s date of enactment. No exception to this prohibition may be made for the commercial importation of Iranian-origin goods described in section 560.534(a) of the Iranian Transactions Regulations (31 C.F.R. Part 560).

The Office of Foreign Assets Control cannot authorize by general or specific license the commercial importation of such Iranian-origin goods (which include certain foodstuffs and carpets) on or after September 29, 2010.

Consequently, the general license in section 560.534 of the ITR will be eliminated by September 29, 2010, and any such goods for commercial importation into the United States must be entered for consumption before that date.

 To view a text copy of the U.S Treasury Department overview on Iranian sanctions, click here.

08.13.10