Persian Gulf Security Update
01/06/2022
Following the recent incidents where two Greek-Flagged ships were seized by Iranian forces, the Combined Maritime Force (CMF) and the EU’s Naval Force (EUNAVFOR) have issued an Industry Releasable Threat Bulletin (IRTB) on the incident.
The week of June 1, 2020, sees additional steps in the sanctions targeting Venezuela and Iran
08/06/2020
Last week saw significant developments in the U.S. sanctions programs targeting Venezuela and Iran.
US: Recent Sanction Developments
13/12/2019
The UK P&I Club have received the following update from Freehill, Hogan and Mahar LLP, regarding recent sanction developments.
The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) has continued to focus on international shipping as a means to implement the Iranian sanctions program and has now turned its attention to the bunkering of vessels engaged in Iranian trade or involving Iranian vessels.
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
As reported in Circular 16/18 when U.S. secondary sanctions were re-imposed against the purchase and carriage of Iranian crude oil, petroleum products, liquified gases and petrochemicals, in November 2018, eight countries - China, Greece, India, Italy, Japan, South Korea, Taiwan, and Turkey - were granted waivers, known as Significant Reduction Exemptions ("SREs"), to permit the import of limited amounts of Iranian crude oil up to 2 May 2019.
Iran Sanctions Update 15 August 2018
15/08/2018
We refer to the Club's update on Iran sanctions of 26th June 2018, regarding the decision of the United States to withdraw from the Joint Comprehensive Plan of Action ("JCPOA") and to re-impose secondary sanctions.
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
Following the President's May 8, 2018 decision to withdraw from the JCPOA and to begin re-imposing the U.S
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.
Iran Sanctions - "Fall-back" Reinsurance
09/03/2016
Stay informed on Iran sanctions and reinsurance updates
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.
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.
Iran Nuclear Talks Extended to 10th July
06/07/2015
There have been reports from the P5+1/Iran nuclear negotiations in Vienna that the deadline for reaching an agreement has now been extended through July 10th 2015.
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.