The PACT Act closely mirrors the unsuccessful Graham-Van Hollen Turkey Sanctions Bill in the Senate.
“This new humanitarian mechanism will help international companies that seek to engage in permissible humanitarian trade with Iran to ensure that they do not run afoul of sanctions,” Treasury Secretary Steven Mnuchin said.
The Office of Foreign Assets Control on Oct. 17 extended the general license for Nynas AB that is 50% owned by Venezuela’s state-owned oil company, Petrόleos de Venezuela S.A.
Turkey has the next five days to maintain the ceasefire against Syrian and Kurdish forces before the U.S. sanctions are removed.
The U.S. Treasury Department’s Office of Foreign Assets Control said three GE subsidiaries failed to use “reasonable care” by accepting payments from a Cuban entity associated with a Canadian customer.