"OFAC continues to administer a robust sanctions regime targeting Iran outside of the nuclear arena, and its troubling activities. Broadly, the US primary embargo on Iran is still in place," Smith told the US House of Representatives Committee on Foreign Affairs.
"Of the more than 400 individuals and entities that were taken off the SDN [Specially Designated Nationals] List on Implementation Day, roughly 200 of those were placed on a new OFAC list… to indicate that they remain blocked persons under US law," Smith noted.
The individuals and entities are those OFAC has previously identified, including the Iranian government and financial institutions, according to Smith.
In July 2015, Iran and a coalition of world powers known as the P5+1 group reached an agreement that sets limits on Tehran’s nuclear work in exchange for sanctions relief. The P5+1 group included the United States, Russia, China, France and the United Kingdom plus Germany.
On January 16, many of the sanctions were lifted after the United Nations confirmed that Iran had met its obligations under the nuclear deal.
Remaining US sanctions are related to Iran’s development of ballistic missiles and sponsorship of international terrorism.