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OFAC implements “favorable licensing policy” for export of commercial aircraft as well as commercial aircraft parts and components to Iran.

Under terms agreed to in the Joint Comprehensive Plan of Action (JCPOA) otherwise known as The Iran Nuclear Deal entered into by the Obama Administration on June 14, 2015, the Office of Foreign Assets Control announced on January 16th, 2016 that effective immediately it will adopt a favorable licensing policy for exporters seeking to export, re-export, transfer, lease or sell commercial aircraft or parts and components for commercial aircraft to Iran. While very thorough due diligence will be required to ensure that transactions are not commenced with persons listed on the Specially Designated Nationals List (SDN) or other U.S. government denied parties lists, it is indeed now possible to obtain […]