WASHINGTON (JTA) — Washington’s leading trade law firm warned clients of the "ruinous consequences" of dealing with sanctioned Iranian institutions.
The Iran Sanctions Act enacted in July "greatly increases the power of U.S. authorities to take severe action against non-U.S. institutions that are viewed as thwarting U.S. sanctions policies against Iran," Patton Boggs said last Friday in a client alert.
The alert listed Iranian banks sanctioned under the act for suspected involvement in facilitating Iran’s weapons of mass destruction capabilities.
"In the future, such non-U.S. institutions could not only face fines but the ruinous consequences of being barred from access to the U.S. financial markets, even if none of their activities with the proscribed Iranian entities touched the U.S. in any way," it said.
Patton Boggs is seen as one of the top U.S. lobbying and international trade law firms. It maintains offices in international capitals, including in Israel and the Arab world.