• U.S. to Block Transactions with Any Person Dealing with Iranian Energy, Shipping, Other Sectors
  • January 7, 2013 | Authors: David A. Higbee; William F. Young
  • Law Firm: Hunton & Williams LLP - Washington Office
  • The Iran Freedom and Counter-Proliferation Act of 2012 (IFCPA), enacted this week by Congress as part of the National Defense Authorization Act for Fiscal Year 2013, further ratchets up U.S. economic sanctions against Iran. U.S. persons or entities (hereafter “persons”), including their foreign subsidiaries, or persons in the U.S., are already prohibited from virtually all transactions involving Iran. Under IFCPA, U.S. sanctions would be extended to prohibitions on dealing with third parties, foreign or domestic, engaging in a range of specified kinds of transactions involving Iran.