Tag Archives: Sanctions

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

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

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

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

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

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
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