U.S Imposes New Sanctions Against Iran: Effect on Shipping Should be Minimal

The UK P&I Club have received the following update from Freehill Hogan & Mahar LLP, regarding the recent sanctions imposed on Iran by the U.S. administration.

"On February 3, 2017, in response to a ballistic missile test reportedly conducted by Iran on 29th January, the U.S. Office of Foreign Asset Control ("OFAC") sanctioned 25 individuals and entities either involved in Iran's missile program or in a network supporting terrorist activities in Lebanon. All of the individuals and entities are now named to the U.S Specially Designated Nationals ("SDN") List.

Since these latest sanctions target specific individuals and entities, and not products or sectors of the Iranian economy, the overall effect on international shipping should be minimal. None of the secondary sanctions lifted on January 16, 2016 under the Joint comprehensive Plan of Action have been re-imposed."

Members can read the full update here.

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