President Obama signs law imposing substantial new sanctions on business dealings with Iran

Three Mayer Brown LLP lawyers, Carol J. Bilzi, Timothy J. Keeler, and Simeon M. Kriesberg, analyse the key provisions of the sweeping new Iran sanctions law recently enacted by the United States.

For more information about the issues raised in this Article, please contact one of the authors listed: Carol J. Bilzi+1 202 263 3202, cbilzi@mayerbrown.com; Timothy J. Keeler, +1 202 263 3774, tkeeler@mayerbrown.com; Simeon M. Kriesberg, +1 202 263 3214, skriesberg@mayerbrown.com

On 1 July 2010, 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 authorises sanctions not only on those entities conducting Iran-related business but also on those that own or control such entities. The Act also authorises the US Treasury Department to impose sanctions on foreign financial institutions that engage in certain transactions with Iran.