The EU has privately warned Iran that it will be forced to begin the process of withdrawing from the JCPOA in November if Iran goes ahead with its threat to take new steps away from the deal. If it does then the EU has stated its next step would be to commence the JCPOA’s dispute resolution mechanism, which can be instigated if a JCPOA participant believes that another participant is not meeting its agreed commitments. The mechanism provides an opportunity for the issue to be resolved. If it is not and the issue is deemed to constitute “significant non-performance”, then the UN Security Council will be asked to vote on whether sanctions relief should continue under the JCPOA. A UN Security Council resolution is adopted if: (i) 9 of the 15 Security Council members vote for the resolution; and (ii) no veto is received from any of the five permanent members (United States, United Kingdom, France, Russia, and China). Businesses will be observing developments closely as it could result in the reintroduction of tighter sanctions against Iran by the UN, the EU and other countries.
OFSI publish new links to the consolidated list
Today, the Office of Financial Sanctions Implementation (OFSI) have published new links to the consolidated list, the system it uses to publish the details of individuals and entities subject to financial sanctions. The current pages that contain the consolidated list will be removed.
In addition to the usual list which includes details of individuals and entities subject to financial sanctions, the consolidated list now includes a new search function. This will enable users to quickly and easily search the consolidated list to find asset freeze targets based on any of the identifying information from their listing.
The search tool can also use fuzzy logic to help provide direct and/or indirect results. This means the search can return results even where search terms are incorrectly spelt.
It is important that any bookmarks to the old pages are now updated to the new pages below:
List of asset-freeze targets
List of targets subject to restrictions on financial markets and services
Note on .xls format
Please note that the .xls format will be retired in the coming months and subscribers should arrange to change to the .xlsx version. OFSI will inform subscribers when this will take place, in advance of the change.
The UK government has introduced a new national control on the export of submersible vessels and related equipment, software and technology to Russia, which enters into force today. The additional control has been introduced for reasons of national security and as a result of Russia developing its capabilities to track, access and disrupt undersea communication cables.
Exporters may apply for export licences for controlled items, which will be assessed on a case-by-case basis.
Upon the request of France, Germany, the United Kingdom and Iran, the Joint Commission of the Joint Comprehensive Plan of Action (JCPOA) held an extraordinary meeting on 28 July 2019. The talks were held in the context of rising tensions in the Persian Gulf, following the seizure of tankers by Britain and Iran and Iran’s admitted breach of the terms of the JCPOA restricting its production of enriched uranium. The parties reaffirmed their commitment to preserving the JCPOA, however nothing substantive was agreed. Iran’s Deputy Foreign Minister, Abbas Arahchi, stated: “The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments”.
The Joint Commission’s statement can be accessed here.