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U.S. Imposes New, Stronger Iran Sanctions --- Significant Implications for Petroleum Industry, Financial Sector and U.S. Government Contractors

New U.S. legislation would impose sanctions on non-U.S. companies doing business with Iran. On July 1, 2010, President Obama signed into law the Comprehensive Iran Sanctions, Accountability, and Divestment Act (the “Act”), which requires the President to impose sanctions on companies that invest in the Iranian energy sector, assist Iran with maintaining or improving its refinery capacity, or exports refined petroleum products to Iran. Specifically, the Act requires the President to impose at least three of eight possible sanctions, and provides new alternatives to the sanctions already available under the 1996 Iran Sanctions Act.