U.S. Department of the Treasury’s Press Release - 27th January 2012
Recent Action Notice for Publication of ITSR (Iranian Transactions and Sanctions Regulations) Amendment
The Department of the Treasury’s Office of Foreign Assets Control published a final rule in the Federal Register on December 26, 2012, amending the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the “ITSR”), to implement section 218 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (“TRA”) and sections of
Executive Order 13622 of July 30, 2012, and Executive Order 13628 of October 9, 2012.
This final rule can be found at 77 Fed. Reg. 75845 (December 26, 2012). The ITSR amendments prohibit certain transactions by entities owned or controlled by a United States person and established or maintained outside the United States (“foreign subsidiaries”). They also provide for civil penalties to be imposed on a United States person if its foreign
subsidiary violates this new prohibition, unless the United States person divests or terminates its business with the subsidiary by February 6, 2013, such that the U.S. person no longer owns or controls the subsidiary, as defined in the regulations. In addition, the final rule adds two general licenses to the ITSR and amends several existing licenses to
address activities by foreign subsidiaries. Finally, the amendments expand the categories of persons whose property and interests in property are blocked to include any person determined by the Secretary of the Treasury, in consultation with the Secretary of State, to have materially assisted or provided other support for certain Government of Iran-related entities or certain activities by the Government of Iran.
Federal Register/vol.77 No. 247/Wednsday, Dec 26 Rules and Regulation. (160 KB)
You may also be interested in:
The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has continued to focus on international shipping as a means to implement the Iranian sanctions program and has now turned its attention to the bunkering of vessels engaged in Iranian trade or involving Iranian vessels.
On Monday 5 August, 2019, President Trump issued Executive Order 13884, effectively blocking the assets of the Government of Venezuela in the United States or in the possession and control of any United States person.
This Circular provides information on the recent designation by the Government of the United States on Venezuela’s Maritime Authority (Instituto Nacional de los Espacios Acuaticos – “INEA”).