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Sanctions Related to Iran's Export of Petroleum Products

Sanctions Related to Iran's Export of Petroleum Products

 

Guidance Relating to the Provision of Certain Temporary Sanctions Relief in Order to Implement the Joint Plan of Action Reached on November 24, 2013, Between the P5+1 and the Islamic Republic of Iran

I. Sanctions Related to Iran’s Export of Petrochemical Products

The JPOA provides for the temporary suspension of U.S. sanctions on “Iran’s petrochemical exports, as well as sanctions on any associated services.” To implement this provision of the JPOA, the USG will take the following steps to allow for the export of petrochemical products from Iran, as well as associated services, by non-U.S. persons not otherwise subject to section 560.215 of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR), (hereinafter “non-U.S. persons not otherwise subject to the ITSR”):

1. Correspondent or Payable-Through Account Sanctions: The USG will not impose correspondent or payable-through account sanctions under section 1(a)(iii) of Executive Order (E.O.) 13622 (as amended by section 16(b) of E.O. 13645); section 3(a)(i) of E.O. 13645; and sections 561.204(a) and 561.204(b)(3) of the Iranian Financial Sanctions Regulations, 31 C.F.R. part 561 (IFSR), on foreign financial institutions that conduct or facilitate transactions that are initiated and completed entirely within the JPOA Period by non-U.S. persons not otherwise subject to the ITSR for exports of petrochemical products2 from Iran that are initiated and completed entirely within the JPOA Period, including transactions involving the petrochemical companies listed in the Annex to this guidance, provided that the transactions do not involve persons on the SDN List other than the petrochemical companies listed in the Annex to this guidance or any Iranian depository institutions3 listed solely pursuant to E.O. 13599.

 

Jan 28, 2014 11:41
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