Reliefs in EU and US Iran sanctions extended until 30 June 2015

Members will recall that US and EU has suspended certain sanctions against Iran following the so called “Joint Action Plan” that was entered into on 25 November 2014 (https://eeas.europa.eu/statements/docs/2013/131219_02_en.pdf). The relief initially ran between 20 January 2014 – 20 July 2014 and was subsequently extended to 24 November 2014. A further extension has now been agreed until 30 June 2015.

The terms of the relief that are most relevant for shipping can be summarised as follows:

• The relief only applies to non-US persons

• Transportation of petrochemical products from Iran to any country except US is permitted

• Transportation of crude oil and petroleum products from Iran to any country outside EU is permitted unless the member or vessel in any way is subject to US law in which case such cargoes can only be transported from Iran to China, India, Japan, South Korea, Taiwan and Turkey

• Transportation of gold and precious metals to and from Iran to any country except US is permitted

• Vessels can be used to store Iranian oil and petrochemical products

• The threshold for financial transactions between EU and Iran without prior authorisation is EUR 400,000

Members are reminded all other EU and US sanctions not subject to the relief remain unchanged including dealings with listed persons. For information about the remaining sanctions members are referred to the documents “Sanctions: United States” and “Sanctions: European Union” at the Club’s website.

For further information, see FAQs and Guidence note issued by the US Office of Foreign Asset Control.

Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.