Dear ORIA Members,
Attached is a memorandum from ORIA’s international trade counsel, Brenda Jacobs of the Washington DC office of Sidley Austin LLP, regarding the announcement that the United States Government will now permit the importation of Iranian carpets in response to Iran’s compliance with the terms of the Joint Comprehensive Plan of Action.
As you will see from the memorandum, the rules surrounding the authorization to import Iranian carpets are complex, please make sure to read them carefully and check the U.S. Government Treasury Departments OFAC (Office of Foreign Assets and Control) website page for further clarification if necessary. OFAC also has a compliance hotline phone number which is (800)-540-6322.
ORIA members should note that the attached memorandum is general and addresses only U.S. law. ORIA is providing the memorandum as a service to its members, and is not responsible for its content. Ultimately, it is the responsibility of each person or company to comply with all laws, including U.S. laws, and to take the steps necessary to understand how to comply. ORIA encourages each company to consult with counsel and other advisors before engaging in any Iranian carpet / banking transactions. Failing to comply with the relevant laws could put you and your company at risk of violating export control and sanctions laws and could subject your business to penalties and your assets to blocking.
See The Full Memorandum here: