Iran Sanctions Update
6 June 2013
1) Updated International Group FAQ’s (June 2013) on US sanctions against Iran
2) Briefing Note to Members on US & EU Iran sanctions listed by type of cargo
Further to its FAQ's on the EU Sanctions targeting Iran (see our Alert dated 1st February 2013), the International Group has now issued a new set of FAQ's on the US sanctions targeting Iran. They provide a comprehensive summary of the relevant legislation and key provisions that impact on trade activities and financial transactions with Iran. The new FAQ's can be accessed by clicking here.
Since 2010, the EU and US sanctions targeting Iran have consisted of a patchwork of legislative instruments; and as such it is not always straightforward to ascertain to what extent the carriage of a particular cargo may be affected and subject to one of these sanctions regimes. Furthermore, the US and EU legislation have to be read together when considering whether the carriage of a particular cargo involving Iran or transactions with Iranian entities are affected by sanctions. The briefing note, produced by the Association, therefore attempts to summarise the relevant US and EU sanctions by reference to different types of cargo. The summary lists the currently applicable EU and US sanctions by reference to the following cargoes:
1) liquid cargo
2) urea, coal, graphite, raw or semi finished metals
3) other bulk cargoes
4) manufactured and dual purpose cargo
In addition, the briefing note provides updated guidance on the following topics:
1) EU and US Iran Sanctions - where and to whom applicable?
2) Screening of counterparties
3) Restrictions on the use of port facilities in Iran
4) Bunkers originating in Iran
5) Trading with Iran and effect on P&I cover
6) Penalties
7) Protective clauses