Circular issued by the American P&I Club
The American P&I Club has issued circular No21/14regarding the extention of limited and temporary relaxation of US economic sanctions against Iran.
On July 19, 2014, the P5+1 (the United States, United Kingdom, Germany, France, Russia, and China, coordinated by EU High Representative) and Iran affirmed that they will continue to implement the commitments described in the Joint Plan of Action (JPOA) and the US government has extended through November 24, 2014, the sanctions relief provided for in the JPOA.
This extended relief comes into effect on July 21, 2014. It only means that the limited relaxation of sanctions which was announced on January 20, 2013 and reported to Members in Circular No. 04/14 of January 22, 2014 has been extended through November 24, 2014. All aspects and prohibitions of the US sanctions against Iran not covered by the JPOA, including sanctions impacting oil sales to non-waiver countries, and the banking and financial sectors, remain in force. The limited relaxation of sanctions against Iran by the EU, also announced last January, has also been extended until November 24, 2014.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published, on Tuesday, July 22, 2014, the attached key documents to continue implementation of the United States limited and temporary sanctions relaxation commitments under JPOA:
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Source: American P&I Club
For more information please read the Circular No21/14 issued by the American P&I Club
