Iran Sanctions Relief: Information for Marine Clients
On 16 January-2016, so-called “implementation day”, economic and financial sanctions relief under the Joint Comprehensive Plan of Action (JCPOA) between China, France, Germany, Russia, the United Kingdom, the United States (US), the European Union (EU), and Iran came into effect.
The US has lifted most of its secondary extra-territorial sanctions against non-US persons and issued a licence to allow foreign subsidiaries of US companies to conduct certain activities with Iran. The EU has simultaneously lifted most of its sanctions against Iran. This sanctions relief will:
- Open up the financial services sector in Iran.
- Permit the import, transport, and storage of Iranian oil, gas, and petrochemicals.
- Allow for investment in and technical support for the oil, gas, and petrochemical sector.
- Lift restrictions in other sectors such as automotive, shipping, and cargo.
For more information on the restrictions that remain view or download our client adviser.