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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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Talking Trade Finance is here to provide you with all of the latest updates in the Trade & Export Finance Industry.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

Meet the Editor


Portrait of Geoffrey Wynne

Geoffrey Wynne is head of Sullivan’s Trade & Export Finance Group and the firm's London office.

He has extensive experience in banking and finance, specifically in corporate and international finance, trade, structured trade and commodity finance, electronic banking and digitizing trade finance, structured finance, asset and project finance, syndicated lending, equipment leasing, workouts and financing restructuring and general commercial matters.

Recognised as one of the leading trade finance lawyers globally, Geoff advises many of the major trade finance banks and financial institutions around the world on trade and commodity transactions in virtually every emerging market including in the CIS, Asia, India, Africa and Latin America. He has worked on many structured trade transactions covering such diverse commodities as oil, nickel, steel, tobacco, cocoa and coffee.

 

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