It was announced on 2 April 2015 that the so-called P5+1 powers and Iran had reached a framework agreement which, subject to further and detailed negotiations to be completed by 30 June 2015, will see sanctions against Iran relaxed in exchange for significant and verifiable steps to be taken by Iran in relation to its nuclear programme.
As a helpful Client Alert from the Club’s US attorneys Freehill Hogan & Mahar makes clear however, the pace and scope of that relaxation is uncertain. Whilst it is to be hoped that further clarification will be forthcoming as the precise terms of the full agreement are negotiated between the parties over the coming months, the US authorities have underlined the fact that in the meantime all existing sanctions – as well as the current relaxation of certain sanctions under the Joint Plan of Action (JPOA) agreed on 24 November 2013 – remain firmly in place.
Members are therefore reminded of the continuing need to exercise due diligence with regard to trade to any sanctioned country. Details of the major sanctions programmes, including Iran and the practical effect of the November 2013 JPOA, can be found on the Club’s dedicated sanctions webpage.
Members should contact the Managers with any questions concerning the impact of these and any other sanctions.