This article reports on implementation of the Joint Comprehensive Plan of Action (JCPOA) between the United States, Iran, the European Union and the 'P5+1' countries on January 16. Under this agreement, the United States has agreed to lift certain sanctions targeting Iran, including sanctions on the sale and export of commercial passenger aircraft, parts, components and associated services to Iran. While it is a potential step toward the opening of Iran's market, new sanctions were issued the next day due to Iran's ballistic missile tests in December 2015. It is noted that US companies seeking new opportunities to sell or lease commercial aircraft, parts or components to Iran should proceed carefully and ensure that their proposed transactions meet OFAC's license requirements.

To read the article, click here.

Eric Rock and Benjamin Shanbaum of Rock Trade Law LLC contributed to the preparation of this update.