Department of Treasury Amends Iranian Transactions and Sanctions Regulations

Posted by Julia Gogoll on 4/10/14 4:22 PM

In a Federal Register notice published on April 7, 2014, the Office of Foreign Assets Control (OFAC) issued a final rule amending the Iranian Transactions and Sanctions Regulations (ITSR) by expanding the scope of licenses that authorize the exportation or reexportation of food to a broader category of agricultural goods and by adding a new general license authorizing the exportation or reexportation for specified replacement parts for medical devices to individuals and entities in Iran, effective April 7, 2014.

The rule also specifies the definition of a “Covered Person” with respect to goods subject to the Export Administration Regulations (EAR), and clarifies that, “for purposes of the exportation or reexportation of items that are not subject to the EAR, and consistent with 31 CFR 560.556, the general licenses set forth in § 560.530 apply to any U.S. person, wherever located, or any U.S.-owned or -controlled foreign entity.”

The rule lastly amends the “List of Basic Medical Supplies” to exclude the word “basic” and will now be called the “List of Medical Supplies.”

The general licenses are subject to a yearly review and, unless revoked, will remain active.

The Federal Register notice can be accessed here
 

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