Iran Trades Face New Clampdown as Trump Restores U.S. Sanctions
Shipping transactions with Iran face fresh upheaval this year in the aftermath of the restoration of US sanctions against the country.
That was the implication after US President Donald Trump formally withdrew his support for the deal that led Iran to stop its nuclear weapons programme in return for renewed access to global markets.
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Non-Iranian companies taking part in those and other projects will now have to determine whether they are at risk, said Blank Rome partner Matthew Thomas.
That means that European banks and insurers that do operations with Iran can be potentially cut off from doing business with US entities through secondary sanctions, Thomas said.
"If you do transactions with Iran's central bank or that benefit Iran's crude oil exports, the secondary sanctions mean the administration is going to cut off your ability to deal with US banks," Thomas said. "Especially for banks, secondary sanctions create a huge amount of risk."
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"Iran Trades Face New Clampdown as Trump Restores U.S. Sanctions," by Michael Angell was published in TradeWinds on May 10, 2018.