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Iran sanctions - EU

The list of designated persons and entities targeted by the EU has been extended by Regulation (EU) No.503/2011 which comes into force today, 24 May. Over 100 individuals and entities have been added to the list, many due to their links with IRISL. The Regulation can be accessed here (see article below for link).

The current regime list of designated persons has been updated by HM Treasury.

It should be noted that there is also a second list of designated persons, for those responsible for serious human rights violations in Iran, which can be accessed here (see article below for link).

Iran sanctions - US

Under the Iran Sanctions Act (ISA), as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("CISADA"), the US Secretary of State is empowered to impose sanctions on persons determined to have made certain investments in Iran's energy sector or to have engaged in certain activities relating to Iran's refined petroleum sector. Today the Obama administration began the process of actually naming companies that will be subject to CISADA sanctions for their Iran dealings.

Secretary of State Hillary Rodham Clinton today imposed sanctions on seven companies for their activities in support of Iran's energy sector: PCCI (Jersey/Iran), Royal Oyster Group (UAE), Speedy Ship (UAE/Iran), Tanker Pacific (Singapore), Ofer Brothers Group (Israel), Associated Shipbroking (Monaco), and Petróleos de Venezuela (PDVSA) (Venezuela).

Please see full article below for more information.

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Published In: International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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