December 15, 2016

NIAC Welcomes OFAC’s Efforts to Clarify Iran Sanctions-Lifting

Contact: Tyler Cullis
Phone: 203-907-7529
Email: [email protected]

Washington, D.C. – The National Iranian American Council (NIAC) released the following statement following OFAC’s amendments to the Iran-related Frequently Asked Questions (FAQs):

“We applaud OFAC for taking a significant step towards fully realizing the U.S.’s JCPOA commitments and providing guidance intended to reduce the risk for non-U.S. banks and companies interested in lawfully engaging the Iranian market. OFAC clarified that it would permit foreign companies to receive payment for goods or services rendered in the case of a U.S. sanctions snapback. OFAC’s clarification is consistent with the U.S.’s JCPOA obligations. Under the JCPOA, the United States is expressly obligated to provide “clarity and effectiveness with respect to the lifting of sanctions,” including, but not limited to, taking steps “to ensure Iran’s access to trade, technology, finance, and energy.” Lack of clarity as to U.S. intentions in the case of a U.S. sanctions snapback had added to lingering concerns for foreign companies interested but hesitant to re-engage the Iranian market. Today’s action is designed to provide such clarity and remove doubts about U.S. intentions.

“We remain encouraged by OFAC’s continued efforts to instill confidence in U.S. and foreign companies so that they are able to fully take advantage of newly available opportunities with Iran. Considering the substantial difficulties for parties interested in returning to Iran, it is our hope that OFAC will continue to observe the U.S.’s JCPOA obligations and take additional steps in the weeks and months ahead.”


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