International Group FAQs - US sanctions Iran - March 2013

The attached FAQs from the International Group provide a comprehensive summary of the relevant legislation and key provisions that impact on trade activities and financial transactions with Iran, including restrictions on the movement of goods to and from Iran and the provision of services that could affect shipowners and their insurers if shipowners perform sanctionable voyages to or from Iran.

The attached FAQs summarize the more relevant statutory enactments and E.O.s as to foreign persons and provide useful comments on some of the more practical implications of the sanctions regime. The FAQs should not, however, be considered a comprehensive analysis of the sanctions implicated by any potential transaction. 

It is recommended that anyone of whatever nationality considering carrying out any business with an Iranian connection seek legal advice to avoid inadvertent violations and/or unexpected delays and disruptions to their trade.  With that background, the following FAQs may be of assistance.

The FAQs highlight also the penalties, civil and criminal, that could be imposed on persons and entities for a breach of US legislation.

Download the full document below.

Downloads

  • 10135 - IG_US_sanctions_FAQ_March2013 92 KB

    28/03/2022

    Download DOC

Staff Author

UK P&I

Date18/03/2013

Tags

You may also be interested in:

In this article, the Club provides an overview of the emerging technology of shipboard carbon capture highlighting pros and cons where appropriate.

Global warming is one of the most severe and complex challenges our world faces today

On 24 March, the UK P&I Club Japan branch hosted a hybrid loss prevention seminar on the theme of 'Management Responsibility in Marine Casualties' at Tokyo Port City Takeshiba to approximately 200 attendees both online and in person.

With cargo’s newfound ability to go well beyond the vessel and even the port, container lines face new liabilities. The intermodal capability means that containers transit on public highways and railroads, areas traditionally excluded from P&I cover. This new type of risk has given rise to the Through Transport Club (‘TT Club’), a specialised transport and logistics mutual covering risks complementing P&I cover. Both covers dovetail with one another through corresponding cover and exclusions during ocean transit.