Sanctions create significant payment problems

The Club has previously advised that sanctions against Iran cause payment problems because banks have proven reluctant to make any payments having even a connection with Iran notwithstanding that the payment may be perfectly legitimate (Member Alert 23 October 2018).

The problem is not isolated to Iran. The Club may advise that the prospects to make a payment in relation to any of the following countries are very limited:

• Syria
• North Korea
• Crimea
• Iran
• Cuba (USD transactions)

As a result of the position taken by the banks, the Club foresee practical problems to assist and pay claims generally in case an incident has a direct or indirect connection with any of the above countries.

For general information about sanctions please see Sanctions »

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.