Iranian trade after 4 November 2018 (5.564)

This circular explains the impact of the re-imposed U.S. sanctions on Iran after the second wind down period ended on 4 November 2018. London P&I highlights the practical difficulties for members, insurers and reinsurers involved in Iranian trade, even where a transaction may not appear to breach U.S. sanctions.

It also outlines the potential for reinsurance shortfalls, payment delays and cover issues, and reminds members to carry out careful due diligence before entering into any Iranian trade.