Iran Sanctions – Limited Sanctions Relief until 14 January 2016
17 July 2015
Members will be aware of the Joint Comprehensive Plan of Action (JCPOA) signed in Vienna on 14 July 2015 that opens the way for the restoration of trade activities with Iran (click here for the News Alert of 15 July 2015).
The current sanctions against Iran, contained in EU Regulation 267/2012 (as amended), remain in effect whilst arrangements are made for implementation of the JCPOA. Members should note that the EU has, in the meantime, passed Council Decision 2015/1148 of 14 July 2015 (click here for a copy) to further extend the suspension of sanctions measures relating to certain trades under the Geneva Joint Plan of Action until 14 January 2016. The Club’s News Alert of 21 January 2014 (click here) sets out details of the suspended measures and the News Alert of 29 January 2014 (click here) gives an update on the P&I cover available.
As such, the current thresholds on transfers of funds that require notification or prior authorisation remain unchanged and HM Treasury’s guidance on this (click here) remains valid.