Background: After the Iranian Revolution of 1979, the United States imposed economic sanctions against Iran. In 2006, the UN Security Council passed the resolution and imposed sanctions after Iran refused to suspend its uranium enrichment program. The European Union has also imposed restrictions on cooperation with Iran in foreign trade, financial services, energy sectors and technologies, and banned the provision of insurance and reinsurance by insurers in member states to Iran and Iranian-owned companies.

 

The following was the sanctions imposed on Iran

  1. by the US:
  • Primary: US Nuclear related sanctions
  • Secondary: US sanctions for individuals and entities linked to SDN (Specially Designated Nationals)/WMD (weapons of Mass Destructions) /IRGC (Iran’s Islamic Revolutionary Guard Corps)
  • Ballistic Missile Procurement for Iran (January 2016)

2. by the UN:

Certain entities have been sanctioned by the United Nations under UN Security Council resolutions 1696 (2006), 1737 (2006), 1747 (2007), 1803 (2008), 1835 (2008), 1929 (2010) and 2224 (2015) for links to Iran’s nuclear or ballistic missile activities, or for being owned, controlled, or acting on behalf of the Islamic Revolutionary Guard Corps (IRGC) or the Islamic Republic of Iran Shipping Lines (IRISL).

3. By the EU:

Certain entities have been sanctioned by the European Union for links to Iran’s nuclear or ballistic missile activities, for being owned, controlled, or acting on behalf of the Islamic Revolutionary Guard Corps (IRGC) or the Islamic Republic of Iran Shipping Lines (IRISL), or for providing support to the Government of Iran.

The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

RECENT NEWS 

Update to the Iranian Transactions and Sanctions Regulations, 31 CFR Part 560, Section 560.530(a)(3), List of Medical Devices Requiring Specific Authorization

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is updating the List of Medical Devices Requiring Specific Authorization as identified in 31 C.F.R. § 560.530(a)(3)(ii) of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), to update and clarify the scope of medical devices that are not authorized for exportation or reexportation pursuant to the general license at 31 C.F.R. § 560.530(a)(3)(i).

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