Export Compliance Daily is providing readers with some of the top stories for May 13-17 in case they were missed.
Iran Export Controls
Certain items on the Commerce Control List require a license from BIS to export them to Iran. The Iranian Transactions Sanctions Regulations (ITSR) (31 CFR Part 560) also prohibit the export and reexport of goods to Iran subject to EAR.
There seems to be a growing interest in ways to evade U.S. sanctions and export controls, several experts said while speaking at a House Foreign Affairs subcommittee hearing on May 9. One panelist specifically pointed to China, which he said he expects to begin smuggling oil from Iran to avoid U.S. sanctions.
The Trump administration on May 8 announced an executive order placing sanctions on Iran’s iron, steel, aluminum and copper sectors in what it said are the country’s “largest non-petroleum-related sources of export revenue."
Export Compliance Daily is providing readers with some of the top stories for April 29 -May 3 in case they were missed.
Export Compliance Daily is providing readers with some of the top stories for April 22-26 in case they were missed.
US Decision to End Iran Exemptions Will Have Larger Impact Than Previous Iran Sanctions, Lawyer Says
The Trump administration's decision to end exemptions for Iranian oil sanctions will have a “more tangible impact on business” than many of the administration's previous sanctions designations against Iran, according to Johann Strauss, an international trade lawyer at Akin Gump. The move, announced by Secretary of State Mike Pompeo on April 22, was aimed at choking off Iran’s oil exports and came about a week after the Treasury’s Office of Foreign Assets Control announced it was designating Iran’s Islamic Revolutionary Guard Corps (see 1904220021).
The Trump administration will no longer grant exemptions for Iranian oil sanctions, Secretary of State Mike Pompeo told reporters April 22, a move aimed at sharply reducing Iran’s oil exports and tightening pressure on the country to comply with U.S. demands. The current set of exemption waivers expire in early May, the White House said in a statement.
Export Compliance Daily is providing readers with some of the top stories for April 8-12 in case they were missed.
The Treasury’s Office of Foreign Assets Control announced two settlements worth almost a combined $500,000 involving a United Kingdom-based oil and gas service provider, its subsidiaries and a New York-based global investment firm for violations of U.S.-imposed sanctions on Cuba and Iran.
Treasury’s March settlement with Stanley Black & Decker serves as a compliance guide for U.S. companies and represents an important peek into how the Treasury's Office of Foreign Assets Control plans to issue enforcement settlements throughout 2019, according to an April 1 report by WilmerHale.