Iran sanctions developments

The United States and other countries continue to impose new sanctions against Iran. On 2 January 2013, the President signed into law the National Defense Authorization Act of 2013, which contains a new Iran sanctions measure called “The Iran Freedom and Counter-Proliferation Act,” expanding the extra-territorial scope of the U.S. sanctions. On 26 December 2012, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a final rule amending the Iranian Transactions and Sanctions Regulations (ITSR) to implement certain provisions of Executive Orders from 30 July and 9 October, as well as certain provisions of the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITRA). The European Union (EU) also has implemented new sanctions against Iran, expanding the scope of EU restrictions.

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