![]() ![]() ![]() First, the US authorized the importation of Iranian carpets and foodstuffs.The US did, however, loosen three aspects of its primary sanctions against Iran: In large part, US primary sanctions against Iran remained unchanged. While the EU and UN lifted most of their sanctions against Iran, the US commitment to relieve sanctions was largely limited to its nuclear-related secondary sanctions that discouraged non-US persons from engaging in business with Iran. Implementation Day occurred on January 16, 2016, and the eagerly awaited sanctions relief promised by the EU and the US went into effect immediately after the IAEA’s verification was officially recognized. The day when Iran’s commitments had been verified and the sanctions relief implemented is known as Implementation Day. In exchange for these nuclear program concessions, the P5+1 and the European Union agreed to provide Iran with certain sanctions relief upon verification by the International Atomic Energy Agency (IAEA) that Iran had fulfilled its nuclear-related obligations. Iran agreed to take steps to dismantle and/or modify certain components of its nuclear program. ![]() General License H: OFAC’s New Authorizations Related to US Owned Foreign Subsidiariesīack in July (2015) the permanent members of the UN Security Council (China, France, Russia, the United Kingdom, and the United States), Germany (collectively the P5+1), the European Union, and Iran reached a Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran’s nuclear program would be exclusively peaceful. A Closer Look at OFAC’s General License H ![]()
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