Overview

On June 24, 2010, the U.S. Congress adopted new Iran sanctions
legislation that broadens and intensifies U.S. sanctions policy against Iran.
President Obama is expected to sign the measure into law soon.
The legislation greatly expands the circumstances in which the President
is generally required to impose sanctions against non-U.S. companies for
engaging in specified types of business in, or relating to, Iran. It also
restricts the President's latitude to forego sanctions in the face of
actionable conduct by foreign companies.
The new legislation will mean that foreign business groups, particularly
those in the energy, insurance and shipping sectors, and banks engaged
in business with Iran should assess their activities vis-a-vis Iran to
determine whether the new sanctions may apply to them. If so, they face
the real possibility of being cut off from business with, not only the U.S.
Government, but potentially the whole US market.