The week of June 1, 2020, sees additional steps in the sanctions targeting Venezuela and Iran
Last week saw significant developments in the U.S. sanctions programs targeting Venezuela and Iran.
The International Group has engaged extensively with the (OFAC) in the U.S. and its European counterparts to explain some of the practical effects arising from the reactivation of U.S. secondary sanctions
Members will have noted the decision by President Trump announced on May 8 to withdraw the USA from participation in the JCPOA (Joint Comprehensive Plan of Action) agreed between Iran, the EU, and the P5+1 (the five permanent members of the United Nations Security Council - China, France, Russia, United Kingdom, United States - plus Germany), and to re-impose US nuclear-related sanctions.
On August 2, 2017, President Trump signed into law the "Countering America's Adversaries Through Sanctions Act". The Act imposes new and further sanctions on Iran, Russia and North Korea.
The UK P&I Club have received the following update from Freehill Hogan & Mahar LLP, regarding the recent sanctions imposed on Iran by the U.S. administration.