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IRAQQ: Since the U.S. is exerting military control over Iraq and its reconstruction efforts, what types of sanctions exist in relation to Iraq?A: The Office of Foreign Assets Control (OFAC) continues to block the property of the former Iraqi regime, its senior officials and their family members. OFAC also blocks assets of some corporations or agencies that the former Iraqi regime owned or controlled. Q: Are there any restrictions on exporting to Iraq? A: Yes, the Department of Commerce must license or otherwise authorize all exports to Iraq. Q: Do the sanctions restrict any financial transactions? A: All financial transactions with Iraq are allowed except for those involving individuals and entities the President has placed on OFAC’s Specially Designated Nationals (SDN) List. However, transactions involving Iraqi cultural property or other items of archaeological, historical, scientific, and/or religious importance illegally removed from Iraq since August 1990 are prohibited. Q: Does the U.S. have any regulations regarding transactions that could affect the reconstruction effort in Iraq? A: Yes, the President issued an order in 2003 providing the Development Fund of Iraq, Iraqi petroleum products with immunity from judicial process. |