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EU Sanctions Targeting Iran

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A notice (please see here) updating the HM Treasury’s Consolidated List regarding three entities listed under Council Regulation (EU) 267/2012, which imposes financial sanctions against Iran, was published yesterday. This notice removes the asset freeze against the below three Iranian entities, following Judgments of the General Court of the European Union (please see here and here for the relevant judgments): IRISL Club IRISL Multimodal Transport Company Leading Maritime Pte Ltd These three entities were initially listed…

On 23 January 2016, the EU removed two Iranian banks – Bank Sepah and its subsidiary, Bank Sepah International – from sanctions lists (the EU measure can be found here). These two banks will now be permitted to do business with the EU. The UN had previously delisted Bank Sepah and Bank Sepah International on 17 January 2016. The U.S. removed the two banks from the SDN list on Implementation Day, 16 January 2016, although…

Introduction On Saturday, 16 January 2016, the UN nuclear watchdog, the International Atomic Energy Agency (“IAEA”), confirmed that Iran had dismantled significant elements of its nuclear programme and fulfilled its nuclear-related commitments under the Joint Comprehensive Plan of Action (“JCPOA”). This confirmation enabled “Implementation Day” to take effect, prompting the UN, EU and US sanctions relief set out in the JCPOA to commence. The new EU measure can be found here, and the US announcement can…