Authorizing Implementation of Sanctions in the Iran Sanctions Act
May 25, 2011
Signed by: Barack Obama
Signed on: May 23, 2011
Published on: May 25, 2011
May 25, 2011
Signed by: Barack Obama
Signed on: May 23, 2011
Published on: May 25, 2011
Summary
Gives the Secretary of the Treasury the power to carry out specific punishments against people or groups connected to Iran.
What problem does this solve?
The U.S. needed a clear process to enforce punishments against Iran for actions that created a national emergency. This order gives the Treasury Secretary specific tools to block money and property, making the sanctions effective.
What does this order do?
Authorizes Treasury to implement sanctions
Gives the Secretary of the Treasury the job of carrying out sanctions against a person when decided by the President or Secretary of State.
Blocks property and assets
Freezes all property and money in the U.S. that belongs to a sanctioned person, preventing it from being moved, paid, or used.
Bans loans and credit
Forbids any U.S. bank or financial company from giving loans or credit to a person who has been sanctioned under the Iran Sanctions Act.
Prohibits financial transactions
Stops any money transfers or foreign currency exchanges that are under U.S. control and involve a sanctioned person.
Restricts imports
Allows for the restriction or complete ban of goods, technology, or services coming into the United States from a sanctioned person.
Forbids trying to get around the rules
Makes it illegal for any U.S. person to try to avoid or violate the prohibitions set forth in the order.
Who does this affect?
- Iranian individuals and entities
- U.S. financial institutions
- U.S. persons and companies with international business
What is the real world impact?
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Strengthens U.S. foreign policy tools
Creates a clear process for the Treasury Department to enforce sanctions, putting direct financial pressure on Iran to change its behavior.
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Centralizes enforcement power
Gives the Secretary of the Treasury specific authority to act, which makes it faster and easier to apply economic punishments decided by the President or Secretary of State.
When does this start?
This order becomes effective on May 23, 2011, the date it was signed.