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Iran Sues US Over Re-Imposition of Sanctions and EU Reactivates Blocking Regulation

Posted by Geoff Wynne on Oct 9, 2018 10:24:14 AM

By Fiona Luong and Geoff Wynne

On August 6, 2018 President Trump issued an executive order re-imposing certain sanctions that were lifted under the 2016 Joint Comprehensive Plan of Action ('JCPOA'). These include the prohibition of:

  • The purchase or acquisition of US dollar banknotes by the Iranian government;
  • Iran’s trade in gold or precious metals;
  • The sale, supply or transfer (whether direct or indirect) to or from Iran of materials such as graphite, raw or semifinished metals, including aluminium and steel, coal and software, or integrating industrial processes;
  • ‘Significant’ transactions involving the purchase or sale of Iranian rials, or maintenance of ‘significant’ funds or accounts outside Iran denominated in rials;
  • The purchase, subscription to or facilitation of the issuance of Iranian sovereign debt; and
  • Transactions within Iran’s automotive sector.
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Topics: European Union, International Court of Justice, US-Iran Relations, International Law, Economic Sanctions

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Meet the Editor


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Sam Fowler-Holmes is a partner in the Trade & Export Finance Group in Sullivan’s London office. He specialises in structured and unstructured trade, commodity and export finance, advising both financial institution and corporate clients on a range of financing products including pre-export financing, prepayment financing, letter of credit and payment instrument facilities and working capital and borrowing base financings. Sam is a regular speaker at the Sullivan trade and export finance seminars and is a member of the ITFA Emerging Leaders Committee.

 

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