JCPOA Implementation Day Guidance: Gold and Other Precious Metals

E. Sanctions Related to Gold and Other Precious Metals

Commitment:

Section 4.5 of Annex II and section 17.1 of Annex V of the JCPOA provide for the lifting, on
Implementation Day, of secondary sanctions that apply to non-U.S. persons with respect to Iran’s
trade in gold and other precious metals and the provision of associated services for such trade.

Implementation:

To effectuate the lifting of these sanctions on Implementation Day, the USG, in addition to
removing certain individuals and entities from the SDN List, FSE List, and NS-ISA List as
described in section III below, took the following steps:

Correspondent or Payable-Through Account Sanctions:

a. Waived the imposition of correspondent or payable-through account sanctions
under: section 1245(d)(1) of NDAA 2012 (for significant financial transactions by
FFIs with the CBI)52; section 1245(c) of IFCA (for significant financial
transactions by FFIs for the sale, supply, or transfer to or from Iran of precious
metals); and section 1247(a) of IFCA.53

b. Revoked E.O. 13645, including the correspondent or payable-through account
sanctions under subsection 3(a)(i) (for significant transactions by FFIs on behalf
of any Iranian person on the SDN List or any other person included on the SDN
List whose property and interests in property are blocked pursuant to subsection
2(a)(i) of E.O. 13645 or E.O. 13599).54

c. Committed to refrain from imposing sanctions under section 561.203(a) of the
IFSR for transactions by FFIs with the CBI that are consistent with the waiver of
section 1245(d)(1) of NDAA 2012.

Blocking Sanctions:

a. Waived the imposition of blocking sanctions under section 1244(c)(1) of IFCA55
(with respect to non-U.S. persons who knowingly provide significant financial,
material, technological, or other support to, or goods or services in support of any
activity or transaction on behalf of or for the benefit of a person determined to be
part of the energy, shipping, or shipbuilding sectors of Iran or to operate a port in Iran, or Iranian individuals or entities set forth in Attachment 3 to Annex II of the
JCPOA).56

b. Revoked: E.O. 13622, including the blocking sanctions under section 5(a) (with
respect to persons who have materially assisted, sponsored, or provided financial,
material, or technological support for, or goods or services in support of, NIOC,
NICO, or the CBI, or the purchase or acquisition of U.S. bank notes or precious
metals by the Government of Iran); and E.O. 13645, including subsection 2(a)(i)
(with respect to persons who have materially assisted, sponsored, or provided
financial, material, or technological support for, or goods or services to or in
support of, any Iranian person included on the SDN List or any other person
included on the SDN List whose property and interests in property are blocked
pursuant to subsection 2(a)(i) of E.O. 13645 or E.O. 13599).57

3. Menu-based Sanctions:

a. Waived the imposition of menu-based sanctions under: section 1245(a)(1)(A) of
IFCA (with respect to non-U.S. persons who sell, supply, or transfer to or from
Iran precious metals); and section 1246(a) of IFCA58 (for non-U.S. persons who
provide underwriting services, insurance, or reinsurance in connection with
activities involving Iran that are described in sections 17.1 to 17.2 and 17.5 of
Annex V of the JCPOA, or to or for any individual or entity whose property and
interests in property are blocked solely pursuant to E.O. 13599).

See section III for an overview of the sanctions list removals that occurred on Implementation
Day and section VI for an overview of the waiver determinations and findings issued in
connection with the JCPOA.

Effects of the lifting of sanctions related to gold and other precious metals:

As a result of the lifting of sanctions specified in section 4.5 of Annex II and section 17.1 of
Annex V of the JCPOA and described in this section, beginning on Implementation Day such
sanctions, including sanctions on associated services, do not apply to non-U.S. persons who sell,
supply, export, or transfer, directly or indirectly, to or from Iran, gold and other precious metals,
or conduct or facilitate a financial transaction or provide services for the foregoing, including
any security, insurance, and transportation.

For additional information on the sanctions lifting related to Iran’s trade in gold and other
precious metals discussed in this subsection, please see section F of the JCPOA FAQs.

Posted with Blogsy