US clarifies ongoing Iran sanctions for businesses

US officials are currently hosting events around the world, with the intention of helping businesses understand the sanctions regimes they still need to navigate in order to do business with Iran.  Reports suggest concerns about penalties for breaching the US sanctions on Iran that were not lifted under the JCPOA. There are also concerns among EU and Asian banks that, although it is no longer prohibited for non-US entities to provide US dollars to Iran, the ongoing prohibition on using the US financial system for transactions involving Iran, including for dollar clearing, still makes it difficult to do business with Iranian companies.

Speaking yesterday, US Secretary of State John Kerry said that “Iran deserves the benefits of the agreement they struck…we have tried to make sure that the banks that are supposed to be doing legitimate business with Iran after the agreement are operating”.  Principal deputy co-ordinator for sanctions policy at the US Department of State Chris Backemeyer has also stated that “We are not looking to discourage any business in Iran permitted by the agreement”, adding that “This is not a game of gotcha”.

This entry was posted in Iran, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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