The agreement at last weekend's summit between Iran and representatives of USA, UK, China, France, Russia & Germany on the Iranian nuclear programme has encouraged speculation that sanctions against Iran will be markedly reduced. We have attached two useful updates on sanctions from law firms Clyde & Co. and Freehill which provide insights into the changes that may arise after the recent summit.

Although this agreement suggests an improvement in relations, a formal change in EU, UK and US laws will be needed to release insurers from existing prohibitions in relation to petrochemical exports. Until such changes are made, the effect of sanctions on Club cover remains unchanged and Members should continue to have careful regard to Rule 5V (Sanctions risks) accordingly.

We will update this advice as soon as more details of any intended changes to EU and UK sanctions law relating to Iran are known. Should you have any detailed enquiries regarding the effect of sanctions on the operation of the Club or the cover it provides, please contact Nigel Carden (Tel: +44 20 7204 2147; Email: nigel.carden@thomasmiller.com)

Clyde & Co:

We are grateful to Clyde & Co for providing their advisory "First steps taken to ease sanctions against Iran".

Any enquiries or requests for further information should be directed to either Douglas Maag (Senior Counsel, Clyde & Co New York - douglas.maag@clydeco.us) or Patrick Murphy ( Legal Director, Clyde & Co. Dubai - patrick.murphy@clydeco.ae)

Freehill, Hogan & Mahar LLP

We are grateful to Freehill for providing their advisory "CLIENT ALERT:P5+1 INITIAL AGREEMENT WITH IRAN TO PRODUCE LIMITED EASING OF SANCTIONS"

Any enquiries or requests for further information should be directed to one of the following at the Freehill's New York office - William L. Juska, Jr. (juska@freehill.com), Gina M. Venezia (venezia@freehill.com) or Willam J. Pallas (pallas@freehill.com).