Reed Smith on 30th October issued an article reminding one of the latest, final batch of changes resulting from the US withdrawing from the JCPOA. The first set of sanctions were re-imposed on 6th August and the second set will become effective on 5th November. The article says that, w.e.f. 5th November the US will re-impose the following secondary sanctions –
- Sanctions on Iran’s port operators and shipping and shipbuilding sectors, including IRISL;
- Sanctions on petroleum-related transactions, including the purchase of petroleum, petroleum products or petrochemicals from Iran;
- Sanctions on foreign financial institutions who engage with the Central Bank of Iran and other designated Iranian financial institutions;
- Sanctions on the provision of specialised financial messaging services to the Central Bank of Iran and Iranian financial institutions;
- Sanctions on the provision of underwriting services, insurance or reinsurance to SDN or for sanctioned activities;
- Sanctions on Iran’s energy sector.
It will also re-list in the SDN List of sanctioned persons and entities many of the persons and entities removed from the SDN List after the JCPOA took effect.