A new Executive Order informs the additional sanctions may be imposed against any individual owning, operating, trading with, or assisting sectors of the Iranian economy including construction, manufacturing, textiles, and mining.

The industry sectors excepted for trade are:

  • medicine/medical items and
  • food and agricultural commodities.

Under the Executive Order, the US Treasury Department has added additional blocked individuals, entities and vessels to its SDN List.

According to the American P&I Club, the new sanctions also authorize the imposition of sanctions on a foreign financial institution upon a determination that the foreign financial institution has, on or after 10 January 2020, knowingly conducted or facilitated any significant financial transaction:

  • for the sale, supply, or transfer to or from Iran of significant goods or services used in connection with a prohibited sector of the Iranian economy, or
  • for or on behalf of any person whose property and interests in property are blocked.

 

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