Today, the US will complete the full re-imposition of sanctions on Iran that were lifted or waived under the JCPOA, aimed at “depriving the regime of the revenues that it uses to spread death and destruction around the world”, in particular oil revenue. The timing is said to coincide with the anniversary of the 1979 storming by Iranian revolutionaries of the US embassy in Tehran when 52 American diplomats were held hostage for 444 days. Key points:
A Joint Statement from EU High Representative Federica Mogherini, France, Germany, and the UK says that they “deeply regret the further re-imposition of sanctions by the US” and have committed to work on the “preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas”. The EU Special Purpose Vehicle (SPV), whose aim is to safeguard non-US trade with Iran, is not yet in place (see previous blog). In a Special Press Briefing last week, US Treasury Secretary Steven Mnuchin said that “if there are transactions that go through [the SPV which] have the intent of evading [US-Iran] sanctions, we will aggressively pursue our remedies”. Link to Updated UK Guidance on Trade and Export with Iran.
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >