U.S. significantly expands sanctions against Iran

In the past 48 hours, Congress and the Obama Administration have taken steps to significantly expand the scope of U.S. sanctions against Iran. Most importantly, both houses of Congress passed legislation on 1 August 2012 that would make broad changes to U.S. law, including the application of U.S. sanctions against Iran to companies owned or controlled by U.S. persons, as described below. President Obama is expected to sign the legislation. In addition, on 31 July 2012, President Obama and the Treasury Department’s Office of Foreign Assets Controls (OFAC) announced additional sanctions primarily aimed at financial institutions and other persons engaged in transactions involving Iran’s petroleum sector. Global companies should take immediate steps to assess the effects of these developments on their operations.

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