Iran sanctions - wind-down period for sanctions against metals sector ends
Members are asked to note that the 90-day wind-down period to allow any contracts entered into prior to 8 May 2019 to be concluded ended on 6 August 2019, and the sanctions are now fully in place, irrespective of the date of the contract.
- The sale, supply, or transfer to Iran of significant goods or services used in connection with the iron, steel, aluminium, or copper sectors of Iran, and
- The purchase, acquisition, sale, transport, or marketing of iron, iron products, aluminium, aluminium products, steel, steel products, copper, or copper products from Iran.
There was however a 90-day wind-down period to allow any contracts entered into prior to 8 May 2019 to be concluded. Members are asked to note that this wind-period ended on 6 August 2019 and the sanctions are now fully in place irrespective of the date of the contract.
Client Alert - Sanctions Against Iran PDF (718.8 KB)
Finally, Members are reminded that trading to Iran generally carries a high degree of systemic risk. There is a high likelihood that the Club will be unable to support them if there is an incident in Iranian waters, including not being able to pay claims or fees or to provide bail. Cover may also not be available in full because of U.S. involvement in the Pool and GXL reinsurance programme and those shortfalls might be for Member’s account. All these factors could mean that the vessel is delayed - perhaps for a considerable period - in Iran. Details can be found in our Notice to Members No.11 2018/2019 and on the Club’s dedicated Iran sanctions webpage.