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.
U.S Sanctions regime - Cuba
02/10/2015
Read the latest advice from Reed Smith on the amendments to the 180-day rule which concern the U.S Sanctions regime and Cuba.
Overview of key provisions in Iran nuclear dealJoint Comprehensive Plan of Action regarding sanctions relief timelines, snapback risks, permitted activities pre-Implementation Day
The diplomatic agreement of 14 July 2015 between the E3/EU+3 and the Islamic Republic of Iran opens the way for the restoration of trade activates with Iran by lifting the trade, energy, insurance and banking embargoes that have been incrementally imposed by the European Union and U.S since 2009.
The Joint Plan of Action ("JPoA") agreed by the P5+1 and Iran, which brought limited sanctions relief, is set to expire today, 30th June 2015. While there has been no official world, recent developments suggest that it is highly unlikely that a final agreement on a nuclear deal with Iran will be reached by tomorrow.
Iran Sanctions: Ship To Ship Transfers
19/01/2015
The Club has been made aware of recent attempts to export crude oil from Iran in breach of sanctions. On several occasions, oil has been carried from Iran, to Kor Fakkan UAE, under documents falsely describing the cargo as having been loaded in Iraq. It has then been delivered by ship-to-ship transfer to vessels bound for countries that do not benefit from a waiver under applicable US Sanctions legislation.
Stay informed on the latest Iran sanctions update: EU extends relief until June 30, 2015
Iran Sanctions Relief Period extended
21/07/2014
Confirmation received from the US government and the EU Council that the existing relief program, which ran from 20 January to 20 July, suspending certain Iran sanctions measures, is being extended for 4 months to 24 November 2014.
Ukraine Sanctions - June 2014 Update
01/07/2014
EU passed regulation prohibiting imports of goods originating fro the Crimea into the EU. Regulation 692/2014 prohibits provision of financial assistance, as well as insurance and reinsurance related to the import of such goods.
Russia & Ukraine Sanctions Update - May 2014
09/05/2014
Stay updated on the latest Russia & Ukraine sanctions
Iran Sanctions Update - 15th January 2014
15/01/2014
Following the agreement reached in November last year between Iran and representatives of USA, UK, China, France, Russia & Germany, the Club reminded Members that a formal change in EU, UK and US laws would be needed to provide shipowners and their insurers with relief from existing prohibitions - and that until such changes were made, the effect of sanctions on Club cover would remain unaltered.
Iran Sanctions: US sanctions Iran
14/06/2013
FREQUENTLY ASKED QUESTIONS ("FAQs") REGARDING ENFORCEMENT AGAINST FOREIGN PERSONS OF U.S