• Developments in U.S. Sanctions Against Iran
  • February 13, 2012 | Authors: David W. Addis; Peter L. Flanagan; Corinne A. Goldstein; Peter Lichtenbaum; Kimberly A. Strosnider
  • Law Firm: Covington & Burling LLP - Washington Office
  • President Obama has issued a new Executive Order, effective February 6, 2012, blocking all assets of the Government of Iran and Iranian financial institutions that are or hereafter come into the United States or the possession or control of a U.S. person. The new Executive Order implements section 1245(c) of the National Defense Authorization Act for Fiscal Year 2012, Public Law 112-81 (“NDAA”), which President Obama signed on December 31, 2011, and also takes additional steps to sanction Iran. As reported in our January 4, 2012 e-alert, the Obama Administration is expected to take further steps to implement other provisions of the NDAA.