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June 28, 2018

OFAC Amends ITSR, Revokes Iran-Related General Licenses

In furtherance of the President’s May 8, 2018 decision to withdraw from the Iran nuclear deal, OFAC has officially revoked Iran-related General Licenses H and I.  Specifically, OFAC has issued two new general licenses authorizing the wind down, through August 6, 2018, of transactions previously authorized under General License I, and the wind down, through November 4, 2018, of transactions previously authorized under General License H.  In addition, OFAC amended the Iranian Transactions and Sanctions Regulations in order to narrow the scope of the general licenses authorizing the importation into the United States of, and dealings in, Iranian-origin carpets and foodstuffs, as well as related letters of credit and brokering services, to the wind down of such activities through August 6, 2018.  More details and FAQs may be found here.