![]() The Act also imposes a ban on contractors that provide “sensitive” Internet or communications technology to Iran that is used to suppress free flow of information or freedom of speech in the country government contractors that they and any entity they own or control (including foreign subsidiaries) do not engage in Iran-related activities that are prohibited by U.S. Government Procurement: require a new certification by U.S.institutions and provide for penalties against foreign-owned or -controlled affiliates of U.S. ![]() sanctions law impose certain audit and certification requirements on U.S. financial institutions from providing correspondent accounts or engaging in other transactions with foreign financial institutions that participate in transactions with specially designated Iranian banks or other designated parties contrary to other prohibitions of U.S. Energy Sector: prohibit transactions (including financing, insurance and transportation services) for the supply of refined petroleum products to Iran or for development of Iran’s domestic refining capabilities, in addition to other established extraterritorial prohibitions on new investments in Iran’s energy sector.financial institutions and includes new certification requirements and other provisions that provide potential trip wires for extraterritorial enforcement and prosecution. enforcement against foreign-owned or -controlled affiliates of U.S. The legislation includes provisions for U.S. strictures with significant international reach, particularly in the energy and financial services sectors. The legislation follows recent approval of the new UN sanctions against Iran under UN Security Council Resolution 1929 Iran sanctions on June 9, 2010, but provides far more severe unilateral U.S. President Obama is expected to sign the bill into law shortly. sanctions against Iran- by overwhelming majorities of 408-8 and 99-0, respectively. House and Senate voted to approve the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010-providing for a substantial expansion of established extraterritorial U.S.
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