OFAC Approves Nearly 100 Licenses for Iran, Sudan Exports in 4th Quarter of 2013
The Treasury Department granted 99 licenses for U.S. agriculture and medical exports to Iran and Sudan, two of the primary countries the Obama administration continues to sanction, in the fourth quarter of calendar year 2013, that agency’s Office of Foreign…
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Assets Control said in recent days (here). OFAC authorizes some U.S. exports of food products, medicine and medical devices under the Trade Sanctions Reform and Export Enforcement Act of 2000. From Oct. 1 through Dec. 31, 2013, OFAC also denied one license, although OFAC didn’t give details on that application. OFAC processed dozens of license amendments and “return-without-action” notices in that time period. The 99 licenses OFAC approved included 18 for agricultural commodities, nine for medicine and 72 for medical devices. Eighty-one out of the 99 licenses authorized shipments to Iran, and the other 18 authorized trade to Sudan. The average wait time for a license approval is 59 business days, while a denial takes on average 160 business days, OFAC said.