US Treasury Secretary confirms commercial aircraft export licences to Iran will be cancelled

US Treasury Secretary Steven Mnuchin confirmed the US Government will revoke existing export licences for exports of certain goods to Iran 90 days following the 08-May-2018 withdrawal of the US from the Joint Comprehensive Plan of Action (JCOPA), including licences for commercial aircraft and related parts and services (AP/Bloomberg, 09-May-2018).

Airbus, Boeing and ATR all received export licences from the US to sell aircraft to Iran. Airbus signed agreements for 100 aircraft, Boeingfor 80 and ATR for 20 aircraft.

The US Government announced on 08-May-2018 it will begin a process of implementing 90 day and 180 day wind down periods for activities involving Iran that were consistent with the US sanctions relief specified in the JCPOA agreement on Iran’s nuclear programme.