• New Iran Sanctions Imposed By the National Defense Authorization Act
  • January 9, 2012 | Authors: David W. Addis; Peter L. Flanagan; Corinne A. Goldstein; Peter Lichtenbaum; Kimberly A. Strosnider
  • Law Firm: Covington & Burling LLP - Washington Office
  • On December 31, 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012 (H.R. 1540) (“NDAA”), an appropriations bill allocating defense funding for Fiscal Year 2012. Among a wide variety of provisions, the NDAA contains one section — Section 1245 (entitled “Imposition of Sanctions with Respect to the Financial Sector of Iran”) — which directs the President to impose sanctions aimed at limiting Iran’s ability to finance its nuclear ambitions.