UANI Applauds Treasury Department for Closing Foreign Subsidiary Loophole to Iran Sanctions Law

UANI Applauds Treasury Department for Closing Foreign Subsidiary Loophole to Iran Sanctions Law

New York - On Friday, United Against Nuclear Iran (UANI) applauded the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) for clarifying U.S. law regarding companies that do business in Iran through foreign subsidiaries.

In a notice this week, OFAC ruled that companies cannot engage in business with the Government of Iran "directly or indirectly" and that "all transactions ... necessary to the winding-down of [such] transactions" will be temporarily authorized until March 8, 2013.

Said UANI CEO, Ambassador Mark D. Wallace:

We applaud the Treasury Department for taking action to enforce Iran sanctions law. Treasury's notice effectively closes the foreign subsidiary loophole in U.S. sanctions, and sends a clear and direct message: companies doing business with the Iranian regime have no more excuses. They must end all their Iran business by March 8 or face serious legal and reputational repercussions.

We will continue to call for and pressure companies around the world to end their business in Iran, and stop providing the Iranian regime with a lifeline to stay in power and maintain its nuclear program. By continuing to undermine Iran's economy, the world can force the regime to choose between having a nuclear weapon or having a functioning economy.