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Article

Venable LLP | USA | 31 Aug 2010

New financial sanctions regulations target Iranian business activities of non-U.S. financial institutions

The U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC), has issued new Iranian Financial Sanctions Regulations (IFSR) limiting access to the U.S. banking system of foreign financial institutions upon a finding by the United States that the financial institution (a) facilitates Iran’s development of nuclear weapons or (b) provides financial services either to Iran’s Islamic Revolutionary Guard Corp (IRGC) or to any financial institution whose property is blocked in connection with Iran’s nuclear development or support of terrorism.

Article

Venable LLP | USA, South Korea | 8 Feb 2007

BIS effectively embargoes North Korea

Department of Commerce ("BIS"), effective January 26, 2007, has (i) imposed new restrictions on all exports and reexports of items subject to the Export Administration Regulations ("EAR"), excluding food and medicines but including luxury goods, to the Democratic People's Republic of Korea ("North Korea"), (ii) reaffirmed existing restrictions relating to nuclear or missile-related items, and (iii) rendered inapplicable for North Korea most of the license exceptions set forth in Part 740 of the EAR.

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