Iran Transactions Extended for Seven Days
June 30, 2015 1 Comment
Since November 24, 2013, the United States has operated under a Joint Plan Of Action (JPOA) with Iran that has permitted the export of commercial aircraft parts to Iran (when licensed by the US Treasury Department’s Office of Foreign Asset Control). The latest extension of that authority was set to run out today,June 30, 2015.
The parties to the Iran talks have decided to extend the JPOA for seven days in order to continue negotiations to reach a comprehensive solution. This means that the existing authority is extended through July 7, 2015. Please note that this may not mean that your license is extended! Look carefully at your license language to ascertain whether it is extended with the JPOA extension. The Announcement from the Treasury Department states that:
Effective July 1, 2015, all specific licenses that:(1) were issued pursuant to OFAC’s Second Amended Statement of Licensing Policy on Activities Related to the Safety of Iran’s Civil Aviation Industry, and(2) have an expiration date of June 30, 2015, are hereby authorized to remain in effect according to their terms through July 7, 2015.
This means that if your license has an expiration date other than June 30, 2015, then it may not be extended by this announcement!
The news media has raised fears that the deal between the US and Iran may be less that ideal in terms of restraining Iran’s ability to produce nuclear weapons. The news media has also suggested that Congress may not approve of the deal. So, as always, don’t assume that the deal will be extended, and make sure that you can cnclude your business (including getting paid) by the current deadline!
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