![]() ![]() OFAC's decision to impose additional sanctions on the Iranian financial sector represents an intensified effort to prevent non-U.S. persons - particularly European and Asian banks - to choose between engaging with the U.S. The OFAC designation is part of the Trump administration's maximum-pressure campaign to isolate Iran from the global financial system and economy, and seeks to compel non-U.S. secondary sanctions under Executive Order 13902. Department of the Treasury's Office of Foreign Assets Control designated the Iranian financial sector, including 18 major Iranian banks that previously were subject only to U.S. dollars, who must evaluate whether to wind down their existing business with Iran to minimize risk of becoming a secondary sanctions target, say Kirkland attorneys Anthony Rapa, Abigail Cotterill and Jeremy Iloulian in this article for Law360. The Office of Foreign Assets Control’s recent sanction of 18 Iranian banks creates a dilemma for foreign entities, particularly those reliant on U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |