Initially for a 180 day period On 11 June 2012 it was announced by the US Department of State that India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan have been exempted for a period of 180 days from the provisions of section 1245(d)(1) of the National Defence Authorization Act of 2012 ("NDAA"). The 180 day exemption is renewable upon review. These seven countries are not exempted from any other US sanctions against Iran, other than those in Sec. 1245(d)(1) of the NDAA for 2012.Section 1245 of the NDAA provides:1. For the blocking of all assets found within US jurisdiction belonging to any Iranian financial institution.2. All private financial institutions (US or foreign) that knowingly conduct or facilitate any significant transactions with the Central Bank of Iran, or with any Iranian financial institution which has been designated by the US, are subject to being sanctioned by the U.S. The sanction provided for in the NDAA is that the foreign financial institution will be prohibited from opening or maintaining correspondent accounts with US financial institutions. In other words, they will be shut out of the U.S. financial system.3. Transactions involving the sale of food, medicine or medical devices to ...
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