Case No. IA-2018-357507-1

Date issued: Dec. 14 2018

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TURBOFAC Commentary (3057 words)

Notes:

1) BACKGROUND

Case No. IA-2018-357507-1 is one of the few illuminating guidance letters on file concerning the application of secondary sanctions and other designation criteria to above-board, standard international trade transactions of a sort described in Introductory Note Common to all Derivative Designation Notices Included in the Research System.

At the time October 16, 2018 request for interpretive guidance by Alitalia, which at the time was the flag carrier and largest airline of Italy, the U.S., on May 8, 2018, had already announced its intention to withdraw from the JCPOA and re-impose certain secondary sanctions provisions that had been waived pursuant to the JCPOA.

More specifically, on May 8, 2018, the U.S. announced that there would be a “90-day wind-down period ending on August 6, 2018” after which a subset of pre-existing...