U.S Imposes New Sanctions Against Iran: Effect on Shipping Should be Minimal
"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."
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U.S. Imposes New Sanctions on Iran Effect on Shipping Should be Minimal (833 KB)
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On May 8, 2019, exactly one year after President Trump announced that the United States was withdrawing from the Joint Comprehensive Plan of Action (“JCPOA”) and would re-impose the U.S. secondary sanctions against Iran, President Trump issued an Executive Order “Imposing Sanctions with Respect to the Iron, Steel, Aluminum, and Copper Sectors of Iran.”
Given the global announcement of "Implementation Day" - that there will be a lifting of sanctions on Iran, the Club and IG are examining closely what this actually means in reality for Iran's oil, gas, shipping, petrochemicals, insurance and financial sectors, and importantly for those owners/operators wishing to engage business with Iran.