• Obama Administration Imposes New Round of Sanctions on Iran
  • November 24, 2011 | Author: Thomas E. Crocker
  • Law Firm: Alston & Bird LLP - Washington Office
  • On November 21, 2011, the Obama Administration released a package of new sanctions on Iran. The new sanctions impact the financial services and other sectors. They expand existing sanctions to target the supply of goods, services, technology or support for the “development” of Iran’s “petroleum resources” and the “maintenance or expansion” of Iran’s “petrochemical industry.” They also designate the Islamic Republic of Iran as a “jurisdiction of primary money laundering concern” under Section 311 of the USA PATRIOT Act.