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US Treasury to Allow 90-Day Wind Down Period for New Sanctions Against Iran

© AP Photo / J. Scott ApplewhiteEast Front of the U.S. Capitol in Washington is seen under stormy skies
East Front of the U.S. Capitol in Washington is seen under stormy skies - Sputnik International
WASHINGTON (Sputnik) - The United States will allow a 90-day period to nullify transactions with Iran in specified sectors affected by new US sanctions, the Treasury Department said in a statement.
"Persons engaged in transactions that could be sanctioned under E[xecutive] O[rder] 13902 with respect to the construction, mining, manufacturing, and textiles sectors of the Iranian economy have a 90-day period after the issuance of E.O. 13902 to wind down those transactions without exposure to sanctions under E.O. 13902", the statement said.

The Treasury Department said the affected persons should take the necessary steps to wind down transactions by the end of the 90-day period to avoid exposure to sanctions, adding that starting new transactions after 10 January could be sanctioned even during the wind-down period.

The wind-down period with respect to the construction, mining, manufacturing and textiles sectors expires on 9 April, the Treasury Department said.

A gas flare on an oil production platform in the Soroush oil fields seen alongside an Iranian flag - Sputnik International
US Will Not Lift Sanctions on Iran Until Latter Sits Down at Negotiating Table - O'Brien
On 3 January, the United States killed top Iranian general Qasem Soleimani near Baghdad’s international airport. Iran retaliated later by firing ballistic missiles at two bases in Iraq hosting US forces.

In response, the US administration announced new sanctions against Iran on 10 January, designating eight senior Iranian officials involved in the attack and 17 Iranian iron and steel companies.

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