Sunday, January 17, 2016

Iran sanctions explained

Thanks to the Congressional Research Service, we have a pretty good [82-page] explanation of what U.S. sanctions on Iran are now being lifted, and what aren't.  Here's the summary:
The relief will allow Iran to freely export crude oil and to access a net amount of nearly $60 billion in foreign exchange reserves. On October 18 (“Adoption Day” of the JCPOA), the Administration issued provisional waivers of relevant sanctions laws, to take effect on Implementation Day. The JCPOA requires the President to, eight years from the JCPOA’s taking effect, request that Congress terminate the stipulated sanctions that are imposed by statute.Most sanctions that apply to U.S. companies remain in place, as will those secondary sanctions (sanctions on foreign firms) that have been imposed because of Iran’s support for terrorism, for human rights abuses, and to curb Iran’s missile and advanced conventional weapons programs. Under the JCPOA and U.N. Security Council Resolution 2231 of July 20, 2015, U.N. sanctions will terminate as of Implementation Day. Under Resolution 2231, U.N. sanctions on Iran’s development of nuclear-capable ballistic missiles and its importation or exportation of arms will remain in place for limited periods of time.
Meanwhile, the Administration was apparently ready to impose new sanctions based on Iranian missile tests, but pulled back the announcement, presumably not to cause problems on the nuclear and prisoner issues. I expect that they will follow shortly.

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