By now you’ve heard the news, and it’s pretty much what it sounds like.
Following a wind-down period of 90 or 180 days, the U.S. government will restore the economic sanctions that it lifted under the 2015 nuclear deal. These sanctions generally affect foreign businesses who do business with Iran. After the wind-down periods, they can no longer do so without risking civil or criminal penalties.
In the meantime, here are some answers from the Treasury Department. Can you transact new business during the wind-down periods? It doesn’t say outright that you can’t, but the government will hold that against you if you blow the deadline. What if you take steps to wind down now but are still owed money after the 90 or 180 days? In a nutshell, you may continue to collect on a contract as long as you entered into it before May 8.
The 90-day period ends August 6, after which the U.S. will restore sanctions on the following:
The end of the 90-day period will also revoke permission for the U.S. itself to do business with Iran in two ways: by importing Iranian carpets and foodstuffs and by exporting commercial passenger aircraft and related parts and services on a select basis.
The 180-day period ends November 4, after which the U.S. will restore sanctions on the following:
The end of the 180-day period will also revoke permission for American-owned businesses located abroad to do business with Iran.
Stay tuned for more developments as the dust settles.