Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter- Proliferation Act of 2012 and Additional Sanctions With Respect To Iran
Headline: Authorizes Sanctions on Foreign Banks and Iran-Related Actors
What it does: Agencies must impose and enforce economic sanctions, including blocking assets and restricting accounts, on foreign banks and persons engaged in specified Iran-related transactions.
- Freezes assets and blocks property of targeted banks and individuals.
- Limits U.S. banking services, including correspondent accounts for foreign banks.
- Denies visas and U.S. entry to designated individuals and restricts trade.
Summary
This order lets the Treasury, with the State Department, impose U.S. economic sanctions on foreign banks and other people who do business that benefits Iran. It targets transactions involving the Iranian rial, support for blocked Iranian persons, sales tied to Iran's auto industry, and diversion of food or medicine.
Foreign financial institutions, companies selling car parts or other targeted goods, and individuals involved in diverting humanitarian supplies may have assets frozen, lose U.S. banking access, be barred from U.S. trade, or be denied U.S. visas. The goal is to pressure and curb harmful Iranian activities.
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