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The latest on the Iranian Transactions and Sanctions Regulations

Posted by: Zaher Fallahi
Posted On: Jun 30, 2015

June 30, 2015

U.S. DEPARTMENT OF THE TREASURY

U.S. DEPARTMENT OF STATE

GUIDANCE ON THE CONTINUATION OF CERTAIN TEMPORARY SANCTIONS RELIEF IMPLEMENTING THE JOINT PLAN OF ACTION, AS EXTENDED

 

On November 24, 2013, the United States and its partners in the P5 + 1 (China, France, Germany, Russia, the United Kingdom, and the United States, coordinated by the European Union’s High Representative) reached an initial understanding with Iran, outlined in a Joint Plan of Action (JPOA).

 

On June 30, 2015, the P5 + 1, EU, and Iran decided by mutual consent to extend the JPOA for seven days in order to continue negotiations to reach a comprehensive solution. Accordingly, the U.S. Government (USG) hereby extends the JPOA sanctions relief provided on November 25, 2014, as implemented via Guidance, Frequently Asked Questions, and Statement of Licensing Policy, through July 7.

 

All JPOA sanctions relief described in the Guidance, Frequently Asked Questions, and Statement of Licensing Policy documents of November 25, 2014, which provide relief through the “JPOA Relief Period” ending on June 30, 2015, is now extended through July 7, 2015. The categories of relief and the type and extent of sanctions relief provided under the JPOA remain unchanged from the November 25, 2014 extension of sanctions relief. All activities conducted in accordance with the sanctions relief must be concluded while the relief is in effect. Effective July 1, 2015, all specific licenses that: (1) were issued pursuant to OFAC’s Second Amended Statement of Licensing Policy on Activities Related to the Safety of Iran’s Civil Aviation Industry, and (2) have an expiration date of June 30, 2015, are hereby authorized to remain in effect according to their terms through July 7, 2015.

 

Zaher Fallahi, Attorney At Law, CPA, is an OFAC Attorney and advises clients with respect to sale of property in Iran and transfer of the related funds to the US in conformity with the US sanctions laws and the US tax laws.. Contact: Los Angeles (310) 719-1040, Orange County (714) 546-4272, Websitehttp://zflegal.wpengine.com e-mail:  taxattor[email protected]