For six months – up to July 20th, 2014
The UK P&I Club has issued Circular on Iran Sanctions Update addressing the anticipated changes in EU and US sanctions measures relating principally to transportation and insurance of oil, petroleum and petrochemical cargoes from Iran. The anticipated measures will have effect from Monday 20 January once the International Atomic Energy Agency (IAEA) has confirmed that Iran complies with the nuclear measures in the Joint Plan of Action (JPoA) set out in Annex 1 to this Circular.
On 24 November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States reached an agreement with Iran on its nuclear programme. Part of the JPoA relies on the implementation of measures to be taken by both sides for a duration of six months and includes partial relief from EU and U.S. Iran sanctions in exchange for IAEA access to Iran’s nuclear installations and enrichment plants.
The sanctions relief measures, which take the form of temporary suspension of certain current sanctions, are limited in scope and duration requiring the implementation of legislative amendments in both the European Union Member States and U.S. It should be noted that sanctions will reinstate if the commitments and undertakings in the JPoA are not fulfilled. The effects of the anticipated measures are set out below. They are based on the information contained in the JPoA and on clarifications obtained by the International Group during its recent engagement with EU and US regulators.
For more information, please click at UK P&I Club’s relevant circular
Source: The UK P&I Club