Posted on: 22 January 2016
On 16 January 2016 the Joint Comprehensive Plan of Action between the P5+1 countries and Iran reached “Implementation Day”, leading to the lifting of a large number of sanctions imposed on Iran by the EU and US, reads Steamship Mutual’s Club Circular L.268.
It explains that the implementation of the Plan will result in the general lifting of most (but not all) EU sanctions, which have hitherto targeted, amongst other things, maritime trade with Iran together with the insurance of vessels engaged in such trade and the provision of insurance and reinsurance cover to Iranian vessels and entities. This has also triggered a lifting of most US secondary sanctions, which are those applicable to non-US persons and entities. Primary sanctions, which are those applicable to US persons, remain largely intact.
As far as the EU is concerned, the Circular says “sanctions relief has been provided in respect of a large number of trades previously targeted by sanctions, including Iran’s oil, gas, petrochemical, shipping, insurance and financial sectors, there remain restrictions relating to activities, goods and equipment connected with Iran’s nuclear industry, and many dual-use goods.
However, some sanctions relating to anti-terrorism, alleged human rights abuses, etc remain in place. Please view the full text of the Circular here.
