Tag Archives: Iran

New U.S. Sanctions Target Automotive Companies Doing Business in Iran

On June 3, 2013, President Obama signed a new executive order expanding U.S. extraterritorial sanctions on Iran to multinational corporations that engage in significant financial or commercial transactions with the Iranian automotive sector. The move strengthens the new sector-based sanctions regime imposed under the Iran Freedom and Counter-Proliferation Act of 2012 (“IFCA”), which targets business … Continue reading this entry

Tough New Iran Sanctions Could Impact Automotive Suppliers

Multinational companies in the automotive supply sector could face heightened enforcement risks under new sanctions on Iran. Effective March 8, 2013, U.S. parent companies will become liable for Iran-related sanctions violations committed by their foreign subsidiaries–including subsidiaries incorporated as separate legal entities outside U.S. jurisdiction. The move represents a sudden change in Treasury Department’s previous … Continue reading this entry