OFAC Issues Iran General License I

Since the Recent Actions page is currently down, I got to this license via the Iran sancitons page on the OFAC website:

DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220

OFFICE OF FOREIGN ASSETS CONTROL

Iranian Transactions and Sanctions Regulations 31 C.F.R. Part 560

GENERAL LICENSE I

Authorizing Certain Transactions Related to the Negotiation of, and Entry into, Contingent Contracts for Activities Eligible for Authorization Under the Statement of Licensing Policy for Activities Related to the Export or Re-export to Iran of Commercial Passenger Aircraft and Related Parts and Services

(a) U.S. persons are authorized to enter into, and to engage in all transactions ordinarily incident to the negotiation of and entry into, contracts for activities eligible for authorization under the Statement ofLicensing Policyfor Activities Related to the Export or Re-export to Iran ofCommercial Passenger Aircraft and Related Parts and Services, provided that the performance of any such contract is made expressly contingent upon the issuance of a specific license by the Office ofForeign Assets Control authorizing the activities to be performed (“contingent contracts”).

Note to paragraph (a) of General License 1: For purposes of this general license, the term “contingent contracts” includes executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement.

(b) This general license does not authorize any transactions or dealings with any person whose property and interests in property are blocked pursuant to any part of 31 C.F.R. chapter V other than part 560.

Dated: March 24, 2016

Andrea Gacki
Acting Director

Office of Foreign Assets Control 

 

Link:

OFAC General License I

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