OFAC revised guidance on sanctions against the Iranian financial sector.
In two new FAQs, OFAC explained that:
OFAC updated four FAQs clarifying:
that OFAC will not target Iranian manufacturers of medicine and medical devices for sanctions, and noting that U.S. law authorizes the export of humanitarian goods, including medicine and medical devices, to Iran (FAQ 830);
OFAC's definition, for purposes of EO 13902, of the "mining," "manufacturing," "textiles" and "financial services" sectors of the Iranian economy (FAQ 831);
OFAC's interpretation of the term "significant goods and services" in connection with the threat of secondary sanctions under EO 13902 related to dealings with the aforementioned sectors of the Iranian economy (FAQ 832); and
that transactions by non-U.S. persons involving the Iranian financial sector generally are not sanctionable under EO 13902 if they would be permissible if conducted by U.S. persons (FAQ 847).
The Secretary of the Treasury tightened sanctions against Iran by designating financial institutions and persons determined to "operate" in the Iranian financial sector.
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