Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
ICT
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automation
Automated EquipmentGate AutomationRemote ControlProcess Automation
Multimodal
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Refrigeration
Operations/TransportContainer leasingEquipmentM&R/Storage
Breakbulk
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
Environment
Business
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles


register  or  login  for full access to online news

UK P&I Club on USA withdrawl from the JCPOA Agreement with Iran

Nigel Carden, Deputy Chairman for the UK Club Managers Thomas Miller P&I, has highlighted issues regarding the decision by President Trump to withdraw the USA from participation in the Joint Comprehensive Plan of Action agreed between Iran, the EU, and the P5+1 (the five permanent members of the United Nations Security Council  - China, France, Russia, United Kingdom, United States - plus Germany), and to re-impose US nuclear-related sanctions

Linked InTwitterFacebookGoogle Plus

“The decision is expected to have significant implications for maritime trade with Iran and the insurance of such trade," said Me Carden. "However, a full assessment of the likely impact of the decision will only be possible following receipt of clarification of the position of the remaining JCPOA partners, who have recently reaffirmed their support for the JCPOA, together with further clarification from the US Treasury’s Office of Foreign Assets Control (OFAC) in relation to the management of the "wind-down" periods envisaged under the decision.

 

“The FAQ document published by OFAC indicates that following a 180 day ‘wind-down’ period running up to 4th November 2018, sanctions will be restored, including secondary sanctions directed against non-US persons, in relation to specified activities and entities in relation to which relief was granted under the JCPOA."

 

He notes from paragraph 1.3:

 

(i) sanctions against Iran’s ports operators, shipping and shipbuilding sectors, sanctions against IRISL and South Shipping Line.

(ii) 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.

(v) sanctions on the provision of underwriting services, insurance, or reinsurance.

 

Paragraph 4.4 provides that that General Licence H, which authorizes U.S. owned or controlled foreign entities to engage in certain activities involving Iran, will be revoked as soon as is administratively feasible, and that activities already authorised by Licence H, including provision of insurance and re-insurance, must be wound down by November 4th 2018.

 

“The International Group Clubs will continue to monitor developments and further guidance will be provided when there is greater clarity," Mr Carden said. "In the meantime, however, Members should take care before entering into any new Iran related fixture to ensure that they only do so with up to date legal advice on sanctions compliance.”

Linked InTwitterFacebookGoogle Plus

You may also be interested in...

Vuosaari investment

Big investments in port of Genoa

Portuguese port shake-up

Ballpark for Oakland

APMT joins Abidjan plan

Singamas box output up by 41%

Linked In
Twitter

© 2018 WCN Publishing Ltd
24 Bridge Street, Leatherhead,
Surrey KT22 8BX, England.

Linked In
Twitter