Sanctions Round-Up: Third Quarter 2013

In this edition:

- Iranian Sanctions Eased to Allow Additional Humanitarian Exports and Activities

- New Iranian Sanctions Designations Announced

- Significant Reduction Waivers Extended

- Global Insurance Industry Put On Notice by New York Regulator

- Sanctions-Related Enforcement Actions

- Ban on Certain Imports from Burma (Myanmar) Extended

- Cuban Vessels Removed from SDN List

- Continued Terrorism-Related Designations

- EU Renews and Extends Sanctions Against Syria and North Korea

- Further Annulment of E.U. Sanctions

- Excerpt from: Significant Reduction Waivers Extended:

On September 6, the U.S. State Department extended the “significant reduction” waivers previously extended to 10 European Union countries and Japan due to their decreasing oil imports from Iran; this is the fourth time the waivers have been extended. As a result of these waivers, foreign financial institutions in those countries will not face secondary sanctions for their dealings with Iranian financial institutions in relation to Iranian oil imports for the next six months, so long as they follow required procedures...

Please see full memo below for more 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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