U.S. Treasury Department Amends Iran Regulations, Including Issuing New and Expanded General Licenses for Medicine, Medical Devices, and Agricultural Commodities

U.S. Treasury Department Amends Iran Regulations, Including Issuing New and Expanded General Licenses for Medicine, Medical Devices, and Agricultural Commodities

January 9, 2017, Covington Alert

The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently amended the Iranian Transactions and Sanctions Regulations (“ITSR,” 31 C.F.R. Part 560) to expand the scope of general licenses for the export and reexport to Iran of medicine, medical devices, and agricultural commodities. The changes are particularly significant for medical devices, permitting exports and reexports without specific licensing from OFAC of a greater range of medical devices and related software, services, training, and replacement parts.