Sanctions update regarding Iran

On 24 June 2019, President Trump announced another set of sanctions targeting Iran.

The latest sanctions place the Supreme Leader of Iran, as well as the Supreme Leader's Office and certain individuals associated with it, on the list of Specially Designated Nationals (the "SDN list"). On the same day, the US Treasury Department's Office of Foreign Asset Control ("OFAC") added a number of senior Iranian military commanders to the SDN list. US property belonging to the people and entities added to the SDN list is now blocked, and foreign persons or financial institutions who transact with these people or entities may also be sanctioned.

In US Treasury Secretary Steve Mnuchin's brief, he stated that the additional sanctions would "lock up literally billions of dollars more of assets".  

The new sanctions are unlikely to increase the compliance burden of Norwegian companies beyond pre-existing levels; however, they are a clear indication that the US is making good on its threats to further isolate Iran and its leaders from the international economy.