President Obama Signs Law Imposing Substantial New Sanctions on Business Dealings With Iran
2 July 2010
Mayer Brown Legal Update
Yesterday, President Obama signed into law a sweeping new Iran sanctions bill – the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010, HR 2194 (the Act). The Act strengthens US sanctions against Iran by restricting that country’s access to, among other things, gasoline and other petroleum products, petroleum-related investment, credit and financial services; and by otherwise tightening the US trade embargo against Iran. Significantly, the Act authorizes sanctions not only on those entities conducting Iran-related business but also on those that own or control such entities.