US President Trump has agreed to waive sanctions on Iran lifted by the US as part of the JCPOA. The sanctions must be waived every 120 days to keep them from coming back into force under the deal. However, the President said it would be the last time he would issue such a waiver unless there was an agreement with “the Europeans” to fix what he called “disastrous flaws” in the agreement…
The US Treasury Department has also imposed new sanctions on 14 Iranian people and entities said to have committed human rights abuses or supported Iran’s ballistic missile programmes (outside the scope of the JCPOA). These include Sadeq Larijani, head of Iran’s judiciary.
The Clubs generally hold the position that trading to Iran does not in itself prejudice Club cover, subject to the Rules and terms of entry.
However, Shipowners’ Club noted on Friday that “we are now in a period of heightened uncertainty and there is an increased risk that sanctions will be reimposed by the US. Therefore, if considering trade to Iran, Members should exercise caution and keep in mind that there is potential for the situation to change significantly over the coming months.”
The Club further noted that Iran-related trade had not been straightforward since the deal in 2016. There were practical banking difficulties and some entities remain on US and EU lists. Risks remained and Members were advised to carry out and rely upon their own checks.