New Iran Oil Sanctions Waivers?

The U.S. Department of State is expected to announce sanctions waivers this week for certain countries importing Iranian oil.  These waivers are in follow-up to the Central Bank sanctions signed by President Obama on January 1 as part of the National Defense Authorization Act for Fiscal 2012 (HR 1540) (you may remember a posting on the MENA Lawyer blog  on this topic in January). That  act calls on certain sanctions to be placed on third country financial institutions (including central banks) deemed to be used for facilitating the purchase of Iranian oil.

The U.S. has stated that it will provide waivers to entities that significantly reduce purchases of Iranian oil.  Japan was issued one earlier this year.  As mentioned above, it is expected that some countries will receive waivers in exchange for commitments to reduce oil purchases.

Will these sanctions affect average businesses conducting trade with Iran?  Probably not.  It will naturally push Iranian supply out of the market for many countries, including even those in Asia, a number of which have already cut their purchases of Iranian oil.  This of course can have more significant repercussions on the global economy.  It should not, however, significantly affect issues such as permitted exports to Iran or transfers of personal remittances.

An international trade compliance (sanctions, export controls, customs, anti-corruption) and defense lawyer.

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Akrivis Law Group, PLLC
Washington, DC

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This website aims to provide notes and commentary on international legal, business, and political developments in economic and other sanctions. It is intended solely for information and entertainment purposes and should in no way be construed as legal advice. Laws, regulations, and policies change from time to time so some information on older posts can very easily be dated. If you have any questions or are unclear on any of the subject matters addressed or discussed on this site, please consult a licensed legal professional. Views presented in the comments and outside links do not necessarily reflect those of the website author. All external links on this website to articles and documents are external and provided for informational purposes only. They have no relation to the author of this website unless specified otherwise.

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