Economic Sanctions - Iran

The Office of Foreign Assets Control (OFAC) issued a final rule amending the Iranian Transaction Regulations to expand the scope of certain economic sanctions to include non-financial as well as financial institutions determined to be owned or controlled by the Government of Iran and to add three non-financial institutions that have been determined to be owned or controlled by the Government of Iran [the National Iranian Oil Company, the Naftiran Intertrade Company Ltd, and Naftiran Intertrade Co. (NICO) Sarl].  The amendments come into effect immediately.  Companies that trade with both the United States and Iran should exercise care so as to avoid inadvertent violations of these regulations.  73 Fed. Reg. 73788  (December 4, 2008).

(Source: Holland & Knight)