Customs Flash, General edition, number 1-2013
U.S. Broadens Iran Sanctions
Recent changes to U.S. sanctions laws covering transactions with Iran have expanded the reach of the sanctions to foreign subsidiaries of U.S. companies. On December 26, 2012 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued these amendments to the Iranian Transactions and Sanctions Regulations (ITSR). The new section added to the ITSR prohibits certain transactions by non-U.S. entities owned or controlled by a U.S. person and established or maintained outside the United States.