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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: International Law, Economic Sanctions, European Union, International Court of Justice, US-Iran Relations

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Meet the Editor


Geoffrey Wynne is head of the Trade & Export Finance Group and Sullivan & Worcester’s London office. He has extensive experience in banking and finance, specifically corporate and international finance, bank mergers, acquisitions, conversions and restructurings, trade and structured trade and commodity finance, structured finance, asset and project finance, syndicated lending, equipment leasing, workouts and financing restructuring, leveraged and management buy-outs and general commercial matters.

 

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