U.S. stays the course on re-imposing Iran sanctions

In furtherance of President Trump's 8 May 2018 announcement that the United States would withdraw from the Iran nuclear deal - the Joint Comprehensive Plan of Action (JCPOA) - on 27 June 2018, the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) amended the Iranian Transactions and Sanctions Regulations (ITSR) and revoked (GL) H and GL I. In the Frequently Asked Questions (FAQs) issued in conjunction with the President's announcement, OFAC indicated that GLs H and I, as well as the general licenses related to the import of Iranian-origin carpets and foodstuffs, would be revoked "as soon as administratively feasible" and replaced with narrowly-scoped wind-down licenses.

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