Comment and analysis by Reed Smith lawyers on the latest developments in the shipping industry
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…
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.
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 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…
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.
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.…
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…
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…
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…
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…
