On January 28, 2014, the Department of State published in the Federal Register a notice [Public Notice 8610] providing certain temporary and limited sanctions relief in order to implement the Joint Plan of Action (JPOA) of November 24, 2013 between the P5+1 and the Islamic Republic of Iran. On November 24, 2013, the United States and its partners in the P5+1—France, the United Kingdom, Russia, China, and Germany—reached an initial understanding with Iran that halts…
On 22 January 2014, the UK published the Iran (European Union Financial Sanctions) (Amendment) Regulations 2014. These Regulations amend the Iran (European Union Financial Sanctions) Regulations 2012 (S.I. 2012/925) (“the 2012 Regulations”). The 2012 Regulations make provision relating to the enforcement of Council Regulation (EU) No 267/2012 of 23 March 2012 (OJ L 88, 24.3.2012, p.1) (“the first Council Regulation”) concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010. The first Council Regulation…
On 20 January 2014, the Official Journal published Council Regulation of 20 January 2014 amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran [2014/42/EU] and Council Decision 2014/21/CFSP of 20 January 2014 amending Council Decision 2010/413/CFSP concerning restrictive measures against Iran which eased for six months, the restrictive measures against Iran in accordance with the 24 November 2013, Joint Plan of Action agreement reached with Iran by China, France, Germany, the Russian Federation, the…
On January 20, 2014, the Departments of The Treasury and State posted Guidance Relating to the Provision of Certain Temporary Sanctions Relief in Order to Implement the Joint Plan of Action Reached on November 24, 2013, Between the P5+1 and the Islamic Republic of Iran (Guidance) which provides guidance to implement the Joint Plan of Action (JPOA) understanding agreed to on November 24, 2013, between the United States and its partners in the P5+1 with…
The EU is in the process of taking a binding first step towards the implementation of the Iran Joint Plan of Action agreed last November, by lifting a number of sanctions against Iran. In particular, the European Commission and EU High Representative for Foreign Affairs and Security Policy are currently jointly proposing to, inter alia, increase the funds transfer thresholds and suspend existing prohibitions on (i) the provision of insurance and reinsurance and transport for…
On January 15, 2014, the Department of State published in the Federal Register a notice [Public Notice 8594] to the public of a determination by the Secretary of State on November 29, 2013, pursuant to Section 1245(d)(4)(D) of the National Defense Authorization Act for Fiscal Year 2012 (NDAA) (Pub. L. 112-81), as amended by the Iran Threat Reduction and Syria Human Rights Act (Pub. L. 112-158), that as of November 29, 2013, each of the…
On January 15, 2014, the Department of State published in the Federal Register a notice [Public Notice 8593] informing the public that the President of the United States determined, on November 29, 2013, pursuant to Section 1245(d)(4)(B) and (C) of the National Defense Authorization Act for Fiscal Year 2012, Public Law 112-81, and consistent with his prior determinations, that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to…
Over the weekend, Iran and the E3+3 countries (i.e., China, France, Germany, Russia, United Kingdom, United States) announced a provisional deal, the Joint Plan of Action (“JPA”), to address Iran’s nuclear programme, in an important step towards a long-term reduction in tensions between the West and Iran. The JPA envisages a gradual suspension of sanctions to be rolled out in various phases, in return for commitments from Iran on enrichment, non-proliferation and inspection. Click here…
On November 13, 2013, the Federal Register published Presidential Notice of November 12, 2013—Continuation of the National Emergency With Respect to Iran. The Notice continues the national emergency originally declared in Executive Order 12170 of November 14, 1979 for an additional year because US relations with Iran have not yet returned to normal, and the process of implementing the agreements with Iran, dated January 19, 1981, is still under way.
The successful appeal brought by the Islamic Republic of Iran Shipping Line (“IRISL”) and a number of its subsidiaries to the General Court of the European Union ( the “General Court”) is the latest in a number of actions brought by Iranian companies against restrictive measures imposed on them by virtue of their listing as a designated person under the EU Iran sanctions. Click here to read the full client alert.