In coverage by TradeWinds, International Trade & Foreign Investment partner Jeffrey Orenstein and associate Mirrah Papovsky, were cited regarding the U.S. Treasury Department’s new policy of "presumed denial" for Iran-related license applications under Operation Economic Outcast.
The article highlights the lawyers’ analysis that the policy reaches beyond traditional business activities and could significantly affect noncommercial transactions, enforcement of court judgments and arbitration awards, as well as renewals of existing OFAC licenses. They noted that OFAC implemented the policy immediately, resulting in the denial of the vast majority of pending Iran-related license applications.
