IRAN SANCTIONS – UPDATE OF CHANGES TO US SANCTIONS FROM 5th NOVEMBER

Reed Smith on 30^th 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 6^th August and the second set will become effective on 5^th November.  The article says that, w.e.f. 5^th 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.

https://www.shiplawlog.com/2018/10/30/iran-sanctions-update/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017