US Treasury suspends licenses for Iran sports and education activities

The US Treasury Department’s Office of Foreign Assets Control has indefinitely suspended five general licenses that previously allowed Americans to engage in sports, academic, and educational exchanges with Iran. The move, announced on August 24, eliminates some of the last remaining carve-outs for non-commercial engagement between the two countries. The suspended licenses include General License F, which covered sports exchanges, and General License G, which governed academic and educational services. Three additional regulatory sections under the Iranian Transactions and Sanctions Regulations were also frozen, covering non-commercial personal remittances and services related to conferences. What exactly got shut down The Iranian Transactions and Sanctions Regulations, codified at 31 CFR Part 560, broadly prohibit most transactions between US persons and Iran. Within that framework, OFAC has historically issued general licenses, blanket permissions that allow specific categories of activity without requiring individual approval. General License F let American athletes and sports organizations participate in exchanges with Iranian counterparts. General License G did the same for un...