Archives: Sanctions

Subscribe to Sanctions RSS Feed

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

Crisis in the Crimea: Sanctions Update

In response to the Russian Federation’s continued actions in southern and eastern Ukraine, both the United States and European Union have added further names to the lists of parties who are subject to sanctions. The US Department of Commerce’s Bureau of Industry and Security (“BIS”) has also announced the addition of thirteen companies to the … Continue Reading

Crisis in the Crimea : Further Sanctions Update

The Russian Federation and the United States continue to clash over the proposed annexation of Crimea from Ukraine, with the United States adding 20 Russian officials and related persons to its list of sanctioned persons. Some of the persons recently added to the United States’ SDN List were recently sanctioned by the EU, as we … Continue Reading

Crisis in the Crimea: Sanctions Update

Tensions continue to mount between the Russian and Ukrainian governments in the wake of a controversial referendum that threatens to expand the borders of the Russian Federation. The results of that Crimean plebiscite show that an estimated 97 percent of voters favor the Russian annexation of Crimea, but the peninsula’s ethnic Tartars boycotted the referendum. … Continue Reading

Sanctions Update – Iran: Easing of Sanctions by the United States and European Union

As reported in our Client Alert of December 2013, the “Joint Plan of Action” reached between the United Kingdom (“UK”), the United States (“U.S.”), Germany, France, Russia and China (collectively known as the “E3+3”) and Iran in November 2013 envisaged a two-step process in relation to relief from international trade sanctions against Iran. On 12 … Continue Reading

Sanctions Update on Iran

As reported in our client alert in December 2013, the “Joint Plan of Action” reached between the E3+3 and Iran in November 2013 envisaged a two-step process in relation to relief from international trade sanctions. On 12 January 2014, it was announced that the interim deal (of six months of initial measures) between the E3+3 … Continue Reading

Sanctions Update: December 2013

On 24 November 2013, a joint commission of the United Kingdom (“UK”), the United States, Germany, France, Russia and China (collectively known as the “P5+1”, “E3/EU+3” or “E3+3”) reached agreement on a “Joint Plan of Action” with Iran, whereby Iran will comply with restrictions to its nuclear programme in return for limited relief from international … Continue Reading

Measures restricting the access of an Iranian bank to the UK financial market found to be disproportionate and unlawful

In Bank Mellat v HM Treasury [2013] UKSC 39, the Appellant (an Iranian bank with UK subsidiaries) appealed against a decision upholding measures taken by the Treasury to restrict its access to the UK financial market. The Treasury had directed, under the Counter-Terrorism Act 2008, that all persons operating in the UK financial sector were … Continue Reading

BIMCO launches Designated Entities Clause for Charterparties

BIMCO has published a precedent clause designed to address some concerns about sanctions. Most major sanctions regimes, including those of the US and EU, include lists of designated parties with whom it is effectively prohibited to do business. Under the EU regime, for example, all assets of designated parties must be frozen and it is … Continue Reading

EU lifts financial sanctions against Myanmar / Burma

The Council of the European Union has published Regulation 401/2013 which repealed Regulation 194/2008. The 2013 Regulation came into force on 3 May 2013, and lifts all asset freezing measures and financial sanctions in place against Myanmar/Burma. All national legislation containing penalties for breaches of the asset freezing measures and financial sanctions are revoked. This … Continue Reading

President Obama Enacts New Iran Sanctions

On 2 January 2013, President Obama signed into law an act that imposes new sanctions on Iran. The new sanctions target certain entities and transactions, but largely focus on the energy, shipping and shipbuilding sectors of the Iranian economy. For further details, please see the recent post on Reed Smith’s Global Regulatory Enforcement Law Blog … Continue Reading

Reed Smith Launches New Sanctions Website and Steering Tools

In light of the recent developments in respect of Iranian sanctions, and the fact that 2013 will inevitably see those sanctions regimes extended further, Reed Smith has developed some new steering tools to assist clients in navigating the complex plethora of sanctions. Full details can be found in the recent Reed Smith Client Alert, and … Continue Reading

Iran – Sanctions Update: Council Regulation 1263/2012

Further to the 4 January 2013 post on the EU’s recent extension of its sanctions regime against Iran, a Client Alert has been published considering in detail the provisions of Council Regulation 1263/2012. The full text of the Alert is available on the Reed Smith website.… Continue Reading

EU further extends Sanctions against Iran

The Council of the European Union has recently published two Regulations which further extend its Iran sanctions regime. Council Regulation (EU) No. 1263/2012 This Regulation implements the measures which were published in Council Decision 2012/635/CFSP, and which were the focus of a Reed Smith Client Alert dated 22 October 2012. With the publication of the … Continue Reading

EU further extends Iran Sanctions Regime

The Council of the European Union has recently published two further Regulations which extend the EU’s sanctions regime against Iran. Council Implementing Regulation 1016/2012 This Regulation adds the National Iranian Oil Company Nederland (aka NIOC Netherlands Representation Office) to the asset freeze list in Annex IX of Regulation 267/2012. It came into force on 7 … Continue Reading

Iran and Syria: Recent Sanctions Update

On 16 October 2012, the EU introduced further restrictive measures against both Iran and Syria. Details of these new measures can be found in the recent Reed Smith Client Alert by Sian Fellows, David Myers, Sarah Rogers, Alexandra Allan and Alexandra Gordon.… Continue Reading

Export Control Organisation publishes new version of Iran List

The Export Control Organisation (“ECO”) has published a new version of the Iran List. This is a listing of entities and organisations in Iran, published in order to help exporters judge which exports might be of concern for End-Use Control reasons. This will be of relevance when determining whether goods require a UK export licence. Exports … Continue Reading

EU publishes further Regulation concerning Restrictive Measures against Iran

The Council of the European Union has published Council Implementing Regulation (EU) No.709/2012 (the “Regulation”) concerning restrictive measures against Iran. The Regulation provides that: (a) certain persons shall be deleted from the list set out in Annex IX to Regulation (EU) No.267/2012 (i.e. the list which sets out those persons whose funds and economic resources … Continue Reading

US President signs Executive Order Authorizing Additional Sanctions With Respect to Iran

On 31 July 2012, President Obama signed an Executive Order Authorizing Additional Sanctions With Respect to Iran. This Order: (a) authorizes the Secretary of the Treasury to impose financial sanctions on foreign financial institutions found to have knowingly conducted or facilitated certain significant financial transactions with the National Iranian Oil Company (“NIOC”) or Naftiran Intertrade … Continue Reading

United States extends Sanctions against Iran

The United States Treasury’s Office of Foreign Assets Control (OFAC) has made important shipping-related changes to its Iran sanctions regime. The National Iranian Tanker Company (“NITC”) and many related companies have been added to the list of blocked parties (the “SDN list”), together with several dozen vessels. Several banks with links to Iran and other … Continue Reading

Senate Approves Revisions to the Iran Sanctions

Just ahead of this week’s meeting in Baghdad between Tehran and other nations concerning Iran’s controversial nuclear program, the U.S. Senate passed an Iran sanctions bill by a unanimous voice vote. This bill is the Senate counterpart to the “Iran Threat Reduction Act of 2011” (H.R. 1905), which passed the House in December. The two … Continue Reading

EU further extends Sanctions against Syria

The Council of the European Union has published Council Decision 2012/206/CFSP, which came into force on 24 April 2012 and which imposes further restrictive measures against Syria. Specifically, it imposes a prohibition on the sale, supply, transfer and export of technology, equipment and goods which might be used for internal repression. The provision of technical … Continue Reading
LexBlog