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.
9840 - fr77_75845 (160 KB)
You may also be interested in:
UK Sanctions - An Update
The UK has implemented a number of sanctions in response to Russia’s invasion of Ukraine. The applicable UK legislation is The Russia (Sanctions) (EU Exit) Regulations 2019, which has been amended by eight additional regulations (the “Amendments”).
Circular 03/22: General Trade Licence dated 17 March 2022 – Reporting of vessel calls to Russia and transiting Russian territorial waters
On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.
Since 2010, considerable sanctions' activity has been directed at shipping and its supporting industries reflecting the fact that 90% of world trade involves the carriage of goods by sea.
The Law of Ukraine on Sanctions No. 1644-VII has been in force in Ukraine since 2014 and provides for a non-exhaustive list of 24 possible sanction types