United States Increases Sanctions against Iran

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On 12 July 2012, the United States Treasury’s Office of Foreign Assets Control (OFAC) made some important shipping-related changes to its Iran sanctions regime. These changes consist of significant additions to the SDN list.

The aim of these additions is twofold: firstly to continue to target Iran’s nuclear and missile proliferation activities, and secondly to prevent the circumvention of international sanctions by publicly identifying front companies, ships and banks which are considered fronts for, or agencies of, the Government of Iran.

Please see full Alert below for further information.

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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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