Archives: Sanctions

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IRAN SANCTIONS: UNITED STATES REIMPOSES SANCTIONS AND THE EU RESPONDS

In the early hours of Tuesday, 7 August 2018, and as foreshadowed by President Trump’s announcement on 8 May 2018, the United States reimposed certain secondary sanctions on Iran, being those which apply to non-U.S. persons. The imposition of these sanctions follows the conclusion of a 90-day wind-down period and, as mentioned in our previous … Continue Reading

Iran Sanctions – August Deadline

On 8 May 2018, President Trump announced that the United States would withdraw from the Joint Comprehensive Plan of Action (“JCPOA”). In conjunction with that announcement, the President issued a National Security Presidential Memorandum (“NSPM”) directing the re-imposition of certain secondary sanctions, being those that apply to non-US persons even where there is no US … Continue Reading

Sanctions – North Korea

Listeners to our webinar on Wednesday will recall the discussion of the sanctions in play against the Democratic People’s Republic of Korea (DPRK, also known as North Korea). Of particular interest to the global business community had been the forthcoming summit between President Trump of the United States and Kim Jong Un, Leader of the … Continue Reading

Sanctions on Iran – The EU Response

Following President Trump’s announcement that the United States will withdraw from the Joint Comprehensive Plan of Action (“JCPOA”) and re-impose US sanctions (including secondary sanctions) against Iran, the European Union has chosen to signal its commitment to the continuation of the JCPOA. Readers will be aware that the US has indicated it will be re-imposing … Continue Reading

Sanctions and Iran: President Trump’s 8 May 2018 announcement and what this means for non-US shipping

On 8 May 2018, President Trump announced his decision to withdraw the United States from the Joint Comprehensive Plan of Action (JCPOA) and to reimpose on Iran a multitude of sanctions that were lifted in January 2016 under the JCPOA. This means a significant change to non-U.S. companies’ ability to trade Iran, and has particular … Continue Reading

U.S. to terminate vast majority of economic sanctions on Sudan

Following a 16-month diplomatic effort, on October 6, 2017, the U.S. government announced that it will terminate the vast majority of economic sanctions against Sudan. The revocation will be effective on October 12, 2017. Sanctions against South Sudan will remain in place as will sanctions in response to the situation in Darfur. The EU position … Continue Reading

Trump issues new executive order expanding sanctions on North Korea

On the heels of United Nations Security Council Resolution 2375 released on September 11, 2017, President Trump issued a new executive order on September 21 (the EO) that greatly expands U.S. sanctions against North Korea, particularly so-called secondary sanctions, which apply to non-U.S. individuals and corporations. The EO establishes the following: Broad new criteria for designating non-U.S. … Continue Reading

Qatar – Sanctions and Restrictions: Key Developments

Readers may be aware that a number of countries, including Saudi Arabia, Egypt and Bahrain, have recently severed diplomatic and economic ties with Qatar. For further information on the restrictions in play and how they might impact your business, please refer to the Reed Smith Client Alert, which can be found here. Saudi Arabia has … Continue Reading

Sanctions and Restrictions in Qatar

Earlier this month several countries, including Saudi Arabia, the United Arab Emirates, Egypt and Bahrain, severed diplomatic and economic relations with Qatar. This is an important issue for the shipping industry to monitor. In our recent client alert we explained the position to date and looked at what shipping companies trading Qatar need to consider … Continue Reading

U.S. Authorities Roll Back the ‘180-Day Ban’ for Vessels Calling at Cuban Ports

Today the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and the Commerce Department’s Bureau of Industry and Security (BIS) further eased sanctions against Cuba with a host of new amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR). Of special interest to the shipping industry is the issuance of … Continue Reading

Iran: Joint Comprehensive Plan of Action agreed on 14 July 2015, but no immediate sanctions relief

On 24 November 2013, the E3/EU+3 (or the P5+1, comprising the United States, Russia, China, the United Kingdom, France and Germany), together with Iran, agreed the Joint Plan of Action (“JPOA”), which relaxed some of the sanctions imposed against Iran by the EU and the United States. The JPOA was intended to provide interim sanctions … Continue Reading

Iran: Joint Comprehensive Plan of Action agreed, but no immediate sanctions relief

On 24 November 2013, the P5+1 countries (comprising the United States, Russia, China, the United Kingdom, France and Germany) together with Iran, agreed the Joint Plan of Action (JPOA), which relaxed some of the sanctions imposed against Iran by the EU and U.S. The JPOA was intended to provide interim sanctions relief, while the parties worked … Continue Reading

P5+1 and Iran Agree on Framework for Joint Comprehensive Plan of Action, Sanctions Easing Expected June 2015

On April 2, 2014, the P5+1 (the United States, Germany, France, the UK, Russia, and China) and Iran reached an agreed-upon framework outlining the roadmap for a future agreement surrounding Iran’s nuclear program that would include suspension of U.S. and EU nuclear-related sanctions imposed on Iran. For further details, please see the recent Reed Smith … Continue Reading

Continuation of Russian Sanctions

Since March 2014, Reed Smith has been closely monitoring developments relating to the situation in the Ukraine and reporting them as Client Alerts and blog updates. For a brief summary of the EU’s decision of 20 March 2015 to effectively leave in place the sanctions imposed last year against Russia, please see the recent Client Alert by … Continue Reading

EU clarifies Russian sanctions

On 5 December 2014, the European Commission published Regulation 1290/2014 (the Amending Regulation). This further amends Regulation 833/2014, which imposed sanctions against Russia in view of its actions in Ukraine. Several of the amendments appear to be aimed at clarifying the scope and application of the sanctions. Although not explicitly stated, this may be a … Continue Reading

Special Update: Overview of the US and EU Sanctions on Russia

Over the past six months, the United States and the European Union have coordinated efforts through sanctions and trade controls to respond to Russian activity in Crimea and Ukraine. There has been a long series of incremental changes to the sanctions and trade controls by the respective government authorities. For a summary of the state of US and … Continue Reading

U.S. Expands Export Restrictions Targeting Russia’s Oil and Gas Production

Effective August 6, 2014, the United States Department of Commerce’s Bureau of Industry and Security (“BIS”) issued new regulations, identified as the “Russian Industry Sector Sanctions,” restricting exports and other transfers of certain items subject to the Export Administration Regulations (“EAR”) that may benefit Russia’s energy sector. For further details, please see the recent post on Reed … Continue Reading

Sanctions Update: Ukraine, Crimea and Sevastopol – the Ukrainian Parliament, the EU and the US impose further measures

July continued to be a busy time as the Verkhovna Rada (the Ukrainian Parliament), the EU and the United States intensified their responses to the situation in the Crimea and the escalating situation in eastern Ukraine. The measures are becoming increasingly complex. They have, in addition, been developing rapidly and this trend may well continue. … Continue Reading

Iran: limited sanctions relief extended to 24 November 2014

In January 2014, both the EU and U.S. brought into force measures which temporarily suspended and relaxed (for a period of six months, to end on 20 July 2014) some of the sanctions in place against Iran. This reflected the Joint Plan of Action (JPoA) agreed between the E3+3 and Iran in November 2013. Those … Continue Reading

July Sanctions Update: Ukraine and Iran

Since March 2014, we have been closely monitoring the developments relating to the situation in the Ukraine and reporting them as Client Alerts and blog updates. For a summary of the recent changes in respect of the Ukraine as well as an update on the position regarding the “Joint Plan of Action” in respect of Iran, … Continue Reading

Crisis in the Crimea: Sanctions Update

The European Union has made further additions to the list of sanctioned parties under the regime put in place in response to the Russian Federation’s actions in the Crimea. For further details, please see the recent post on Reed Smith’s Global Regulatory Enforcement Law Blog by David Myers, Sian Fellows, Alexandra Allan and Alexandra Gordon.… Continue Reading
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