OFAC issued a general license authorizing certain humanitarian trade transactions with the Central Bank of Iran ("CBI") and added a related FAQ.
As previously covered, the CBI was designated after allegedly providing billions of dollars to the Islamic Revolutionary Guard Corps, its Qods Force and its terrorist proxy, Hizballah.
According to OFAC, General License No. 8 authorizes certain transactions involving the CBI under the Iranian Transactions and Sanctions Regulations. OFAC stated that the license does not allow for any transactions otherwise prohibited by the Global Terrorism Sanctions Regulations (or "GTSR"), as amended by Executive Order 13886.
OFAC also published FAQ #821, which details the humanitarian-related transactions involving the CBI that are allowed under General License No. 8.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
