New Executive Order on Iran
01/08/2012
Stay informed on the new Executive Order on Iran signed by President Obama on August 1, 2012
New Iran Sanctions Legislation Bill
01/08/2012
The House and Senate conferees have come to an agreement regarding new Iran sanctions legislation
Iran Sanctions: US sanctions on Iran & Syria - US Executive Order of 1 May 2012- Update 25 May 2012
03/05/2012
An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria
Updated FAQs have been issued by the International Group following discussions with the UK Treasury
The attached FAQs issued by the International Group of P&I Clubs address the the legal Status of EU Council Regulation 267/2012; the effect of the "grace periods"; and the impact on the cover provided by clubs
Iran Sanctions: EU sanctions against Iran - Council Decision 1012/35 - IG FAQs 8 February 2012
08/02/2012
The International Group's Sanctions Working group has developed an initial series of FAQs in relation to the recently announced EU additional measures against Iran contained in the Council Decision of 23 January 2012
Iran and Syria - Sanctions Update
27/01/2012
The latest sanctions against Iran have been much publicized and are set against a backdrop of Iranian officials threatening to escalate the situation further by blocking the Strait of Hormuz
Korea has been undertaking specific measures in the areas of finance, trade, transportation and energy to restrict and monitor the private sector's transactions with Iran.
South Korea joins UN sanctions against Iran
09/12/2011
In accordance with the United Nations Security Council Resolutions, the sanctions/measures by international society in particular, the US and EU, which have raised the level of restrictions in an effort to restrict the Iran's suspected nuclear development, the Korean Government has decided to join the international sanctions against Iran.
HM Treasury has imposed new financial restrictions against Iran. From 15:00 Monday 21 November 2011, all UK credit and financial institutions are required to cease business relationships and transactions with all Iranian banks, including their branches and subsidiaries, and the Central Bank of Iran. This means that UK credit and financial institutions are prohibited from entering into transactions or business relationships with these entities and continuing existing transactions and business relationships with them, unless licensed to do so by HM Treasury.
Council Regulation (EU) No
Developments in international sanctions
08/09/2011
Both the EU and the United States have announced extension of their sanctions against the Syrian Arab Republic to prohibit the trade, transport or financing of crude oil or petroleum products. Under Rule 5V (Sanctions risks) the Club excludes cover where the provision of cover may expose the Club to a sanction or other adverse action from a competent government.