Latest update on EU sanctions against Iran - new measures widen banned goods, increase asset freezes & impose restrictions on EU banks aligning them with existing UK bank limitations.
US Sanctions Update - U.S. Bans Foreign Subsidiaries of U.S. Companies from Doing Business with Iran
13/12/2012
On October 9, 2012, the U.S
The EU Foreign Affairs Council recently published new prohibitions contained in Council Decision 2012/635
New Executive Order on Iran
01/08/2012
Stay informed on the new Executive Order on Iran signed by President Obama on August 1, 2012
New Iran Sanctions Legislation Bill
01/08/2012
The House and Senate conferees have come to an agreement regarding new Iran sanctions legislation
Iran Sanctions: US sanctions on Iran & Syria - US Executive Order of 1 May 2012- Update 25 May 2012
03/05/2012
An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria
The new limits that apply under the LLMC 96 are expected to enter into force 36 months from the date of adoption, on 19 April 2015, under the tacit acceptance procedure.
Updated FAQs have been issued by the International Group following discussions with the UK Treasury
The attached FAQs issued by the International Group of P&I Clubs address the the legal Status of EU Council Regulation 267/2012; the effect of the "grace periods"; and the impact on the cover provided by clubs
Iran Sanctions: EU sanctions against Iran - Council Decision 1012/35 - IG FAQs 8 February 2012
08/02/2012
The International Group's Sanctions Working group has developed an initial series of FAQs in relation to the recently announced EU additional measures against Iran contained in the Council Decision of 23 January 2012
Iran and Syria - Sanctions Update
27/01/2012
The latest sanctions against Iran have been much publicized and are set against a backdrop of Iranian officials threatening to escalate the situation further by blocking the Strait of Hormuz
Korea has been undertaking specific measures in the areas of finance, trade, transportation and energy to restrict and monitor the private sector's transactions with Iran.
South Korea joins UN sanctions against Iran
09/12/2011
In accordance with the United Nations Security Council Resolutions, the sanctions/measures by international society in particular, the US and EU, which have raised the level of restrictions in an effort to restrict the Iran's suspected nuclear development, the Korean Government has decided to join the international sanctions against Iran.
HM Treasury has imposed new financial restrictions against Iran. From 15:00 Monday 21 November 2011, all UK credit and financial institutions are required to cease business relationships and transactions with all Iranian banks, including their branches and subsidiaries, and the Central Bank of Iran. This means that UK credit and financial institutions are prohibited from entering into transactions or business relationships with these entities and continuing existing transactions and business relationships with them, unless licensed to do so by HM Treasury.
Council Regulation (EU) No
Developments in international sanctions
08/09/2011
Both the EU and the United States have announced extension of their sanctions against the Syrian Arab Republic to prohibit the trade, transport or financing of crude oil or petroleum products. Under Rule 5V (Sanctions risks) the Club excludes cover where the provision of cover may expose the Club to a sanction or other adverse action from a competent government.
Sanctions Update: Libya & Syria
07/09/2011
The attached Shipping Alert 11-213 gives updated guidance on both EU and US sanctions in respect of Libya and Syria and is reproduced with the kind permission of Reed Smith.
New U.S. Sanctions against Syria
25/08/2011
On the 18th August 2011, the US Government issued an Executive Order that blocks property of the Syrian government, including all entities controlled by the Syrian government.
The Libya (Financial Sanctions) Order 2011, which gives effect to Resolution 1970 (2011) in the UK, came into force at 5:15pm on 27 February 2011.
Advice from Chalos & Co of New York regarding the US President's Executive Order relating to sanctions against Libya