The Iran Threat Reduction and Syria Human Rights Act of 2012 substantially expands the already broad sanctions, which could be imposed against foreign entities doing business with Iran. It also provides for sanctions against persons engaging in activities related to human rights abuses in Iran and Syria. This is an overview of key provisions of the new legislation most likely to impact businesses:
New wide-ranging amendments to the STCW rules, agreed by governments in Manila in 2010, are intended to ensure that STCW standards stay relevant, so that seafarers can continue to develop
An executive order "Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria" ("FSE E.O.") by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria. This order strengthens the US Treasury's ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.
This updated flowchart provides guidance on compliance with sanctions against Iran following the EU Council Regulation of 23rd March 2012. It references both US and EU sanctions arrangements and offers answers in the context of trading to and from Iran, or with Iranian parties outside the country.
On November 2011, the US State Department issued a fact sheet on Energy-Related Sanctions under Executive Order (E.O.) 13590 (see below). Among other things, it clarifies that "The Executive Order would not cover the purchase of petroleum resources or petrochemical products from Iran, or the shipping of those products from Iran, absent other sanctionable conduct.".
This brief article gives some guidance as to what may constitute incompetence in contrast to negligence as derived from the existing case law. Konstantinos Bachxevanis of Reed Smith LLP's Shipping Group uses a practical example of an on-board incident to develop understanding of these concepts.
The EU Council Decision 782/2011 has enhanced the sanctions against the current regime in Syria to counter the movement of both armaments and energy commodities to that country. An additional decision 1244 has extended the list of named parties against whom these sanctions apply.
The publication of the International Atomic Energy Agency's latest report on Iran has prompted a fresh round of sanctions against Iran. The White House and U.S. Treasury took a series of actions yesterday to increase pressure on Iran. The biggest impact for the shipping industry would seem to be the new petroleum sector sanctions under Executive Order 13590, which are aimed at non-U.S. persons that provide support to Iran's energy sector. This briefing note also includes information on the UK's Financial Restrictions (Iran) Order 2011.
Recommendations for ship operators regarding potential additional screening by US Coast Guard for vessels that have passed through waters near Honshu island.
The World Health Organisation website provide a useful selection of pages on radiation risks arising from the Japan earthquake. In addition the WHO publishes regular situation reports regarding radiation exposure through air, drinking water and locally grown foodstuffs.
A selection of Clyde & Co's leading regional experts give their views on the unfolding picture across the Middle East and North Africa in the "Middle East and North Africa Bulletin - Regional Response".
Doug Maag, Senior Counsel at the Clyde & Co.New York office focuses on how the US is dealing with the ongoing Iran sanctions and the new sanctions against Libya.
HM Treasury issued a Financial Sanction / Counter Illicit Finance Notice (the "Treasury Notice") on 27 October 2010 witha detailed commentary on the EU Regulation.
This latest work in Munich Re's knowledge series has been written as a contribution towards the international debate on this topical issue. Piracy - Threat at sea provides a risk analysis of the danger emanating from piracy and marine terrorism and explains the legal position at national and international levels. It highlights underwriting aspects and describes ways of minimising the risk.
