§560.535 Winding down of transactions related to letters of credit and brokering services relating to certain foodstuffs and carpets.
(a) Wind down. Except as provided in paragraph (b) of this section, all transactions and activities that are ordinarily incident and necessary to the wind down of the following activities are authorized through 11:59 p.m. eastern daylight time on August 6, 2018:
(1) Purchases from Iran or the Government of Iran or certain other blocked persons. United States depository institutions issuing letters of credit in favor of a beneficiary in Iran, the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211 to pay for purchases from Iran or the Government of Iran of the categories of Iranian-origin goods described in §560.534(a)(1), provided that such letters of credit are not advised, negotiated, paid, or confirmed by the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211.
(2) Transactions or dealings in Iranian-origin goods located in third countries, other than purchases from the Government of Iran or certain other blocked persons. United States depository institutions issuing, advising, negotiating, or confirming letters of credit to pay for transactions in or related to Iranian-origin goods described in §560.534(a)(1) and located in a third-country, other than purchases from the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211, provided that such letters of credit are not issued, advised, negotiated, paid, or confirmed by the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211.
(3) Brokering. United States persons, wherever located, acting as brokers for the purchase or sale of the categories of Iranian-origin goods described in §560.534(a)(1), provided that the goods are not for exportation, reexportation, sale, or supply, directly or indirectly, to Iran, the Government of Iran, an Iranian financial institution, or any other person whose property and interests in property are blocked pursuant to §560.211.
(b) Iranian accounts. Nothing in this section authorizes debits or credits to Iranian accounts, as defined in §560.320.
Note 1 to §560.535: See §§560.304 and 560.313 for information relating to individuals and entities that are included within the definition of the term Government of Iran and §560.324 regarding entities included within the definition of the term Iranian financial institution. See §560.516 for information relating to authorized transfers to Iran by U.S. depository institutions relating to licensed transactions.
[83 FR 30337, June 28, 2018]
1) These four GLs all permit the winding down of activities authorized pursuant to GLs issued in connection with the JCPOA. Accordingly, the scope of all of these GLs mimics the scope of the JCPOA GLs to which they correspond.
Note specific to 560.535 (2019):
1) The GL has expired. The existence of the GL is notable insofar as it demonstrates that OFAC's GL for brokering services in connection with TSRA-related exports (560.533) reflects a position that "brokering services" are outside the scope of 560.405 altogether. Refer to General Comment on the Relationship Between Brokering Sales of Goods and the Scope of Transactions "Ordinarily Incident" to Transactions Authorized (System Ed. Note).