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
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: OFAC update of FAQs on Iran Freedom and Counter-Proliferation Act of 2012 – 1 July 2013
Questions Related to the Issuance of the Executive Order "Authorizing the lmplementation of Certain Sanctions Set Forth in the lran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions With Respect to Iran" and the lmplementation of Certain Provisions of the lran Freedom And Counter-Proliferation Act of 2012 (IFCA).
FREQUENTLY ASKED QUESTIONS ("FAQs") REGARDING ENFORCEMENT AGAINST FOREIGN PERSONS OF U.S.
Iran Sanctions: EU Measures against Iran - Council Regulation 1263/2012 - FAQs 29 January 2013
On 15 October 2012 the European Union Foreign Affairs Council agreed further measures restricting trade activities with Iran.
The EU Foreign Affairs Council recently published new prohibitions contained in Council Decision 2012/635.
New European Union Measures against Iran - Council Regulation 267/2012 dated 23 March 2012 - Frequently Asked Questions - Updated on 14th August 2012.
Iran Sanctions: US sanctions on Iran & Syria – US Executive Order of 1 May 2012- Update 25 May 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
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.