On 8 May, US President Trump announced decision to withdraw the US from participation in the JCPOA (Joint Comprehensive Plan of Action) and to re-impose US sanctions against Iran. Now the US Office of Foreign Assets Control (OFAC) revoked the General License H (GLH) which allowed US owned or controlled foreign entities to make certain business with Iran pursuant to the JCPOA.
As the Standard P&I Club informs, on 27 June 2018 US OFAC revoked General Licence H (GLH) which was enabling US owned or controlled foreign entities to transact certain business with Iran pursuant to the JCPOA.
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On the same day, OFAC issued a general license authorising until 4 November 2018 the reduction of activities involving Iran that were previously authorised under GLH.
Any activities by US owned or controlled foreign entities that continue after this period ends on 4 November 2018, may be subject to enforcement action by US OFAC.
When considering what possible enforcement or sanctions to take with respect to activities engaged in after 4 November, US OFAC will regard the efforts to reduce activities involving Iran before that date.
US OFAC has also updated FAQs which were originally issued on 8 May 2018 about the US re-imposition of sanctions against Iran.
The sanctions that US re-imposes against Iran include:
- sanctions against Iran’s ports operators, and shipping and shipbuilding sectors; sanctions against IRISL and South Shipping Line;
- sanctions on petroleum-related transactions with, among others, the National Iranian Oil Company (NIOC), Naftiran Intertrade Company (NICO), and National Iranian Tanker Company (NITC) including the purchase of petroleum, petroleum products, or petrochemical products from Iran;
- sanctions on the provision of underwriting services, insurance, or reinsurance.