On 2 August 2017 President Trump signed into law the “Countering America’s Adversaries Through Sanctions Act”, which imposes new sanctions on Russia, Iran and North Korea. The Act had passed through both houses of Congress with overwhelming majorities, leaving the President with little choice but to enact the bill even though it constrains his ability to amend existing sanctions provisions of his own accord.
The new sanctions appear to have limited application to shipping and marine insurance. To the extent that they do apply however Members should note that many provisions are not restricted just to US persons and may therefore have a wider impact. Also, presumably because of the Russian support for the current Syrian Government, the part of the Act dealing with sanctions on Russia also contains additional restrictions on trade to Syria (see Section 234).
Full details of the new Act are set out in a helpful Client Report issued by the Club’s US attorneys Freehill, Hogan & Mahar, which can be found here.
Any Member with questions concerning the impact of these measures and any other sanctions matters should contact the Managers.