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Ofac iran sanctions ieepa4/8/2023 ![]() The OFAC operates in collaboration with the internal and external intelligence agencies of the US to develop its sanction programs. The Iran sanctions prohibit virtually all direct and indirect transactions involving Iran, the Government of Iran, persons who ordinarily reside in Iran, and entities that are located either in Iran, or formed under Iranian law, with a particular focus on the Iranian Revolutionary Guard Corps (IRGC). In this respect, the OFAC administers a complex sanctions regime against Iran. The US, through the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”), employs economic sanctions programs for a variety of purposes, including diplomatic, economic, and humanitarian purposes, as well as for national security matters. ![]() “ To deal with any usual and extraordinary threat, which has its source in the whole or substantial part outside the United States, to the national security, foreign policy, or economy of the Unites States, if the President declares a national emergency with respect to such threat.” (50 USC. The IEEPA authorizes the President to implement economic sanctions, as follows: Modern sanctions, since the late 1970s, have largely fallen under the scope of the International Emergency Economic Powers Act (the “IEEPA”). In the US, initially, economic sanctions, overall, were adopted pursuant to the 1917 Trading with the Enemy Act (TWEA). The United States of America (US) has been the spearheading power in implementing these sanctions. Following concerns that Iran was not fulfilling its international obligations, many countries responded with the imposition of comprehensive sanctions. ![]() That being said, the restrictions significantly escalated after 2010, and the subject of economic sanctions imposed on Iran is one of the hottest topics in the international community of late.Ī primary concern of the international community has commonly been that Iran’s nuclear technology should not be used for the proliferation of nuclear weapons. ![]() Iran has been subjected to sanctions from various countries and international organizations since the Iranian hostage crisis that took place in 1979.
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