It is reported that OFAC has hired new staff in order to expedite the processing of licence applications for businesses looking to trade with Iran. OFAC’s acting director John Smith has said that the agency is “stretched to the limit” having received “hundreds if not thousands” of applications since the implementation of the JCPOA in January this year, each of which is said to require complex assessment.
In April, Iran’s Supreme Leader Ayatollah Ali Khamenei stated that sanctions on Iran had been lifted on paper only, due to the US having created “Iranophobia so no one does business with Iran” (see previous blog), and there is a risk that OFAC’s applications backlog compounds this situation.
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >