On May 8 the Trump Administration announced its intention to withdraw from the Joint Comprehensive Plan of Action (JCPOA or Iran nuclear deal), citing the ineffectiveness of the deal to curb Iran’s aggressive behavior. As a result, Iran sanctions suspended under the agreement snapped immediately back into effect, meaning any new contracts and financial deals are banned. Over the next few weeks, the U.S. Treasury’s Office of Foreign Asset Control (OFCAC) expects to revoke, or amend, as appropriate, general and specific licenses issued in connection with the JCPOA.  At that time, OFAC will issue new authorizations to allow the wind down of transactions and activities that were authorized pursuant to the revoked or amended general and specific licenses.

More information can be found here.