US sanctions on Iran & Syria:UPDATE

US sanctions on Iran & Syria:UPDATE

An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria.

This order strengthens the US Treasury’s ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.

A complete copy of the Executive Order “Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria” (“FSE E.O.”) can be found in the ‘International Sanctions’ section of our website (click Knowledge & Developments menu item) as a PDF.

The FSE E.O. widens the powers given to the US Treasury.  It can now impose sanctions on foreign individuals or organisations who facilitate deceptive transactions for persons subject to U.S. sanctions.

The FSE E.O. aims to deal with those who aid and abet the circumvention of sanctions by denying them access to US markets and financial systems.  Transactions by US persons, or within the United States involving persons sanctioned under this latest authority, are prohibited.

The public identification of those who assist circumvention of US sanctions by listing them under this latest order should prevent innocent parties unwittingly engaging in transactions with foreign persons that risk sanctions violation.

The US Treasury’s website carries a resource center which provides guidance on sanctions against Iran and other relevant countries.  A link to that resource center is in the International Sanctions section of our website.  A specific link to the FAQs it provides on this latest executive order can be found here.

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