House of Representatives votes for new restrictions on trade with Iran

us-house-of-representatives-2014The US House of Representatives has voted to prohibit the sale of commercial aircraft to Iran, including a deal struck by Boeing to sell or lease 109 aircraft to Iran that was authorised following the JCPOA nuclear deal between Iran and the E3/EU+3.  Were it to become law, the legislation would bar the US Treasury from authorising transactions by US financial institutions in relation to the export of commercial aircraft to Iran and also bar the US Export-Import Bank from financing any transactions involving the Iranian government or Iranian entities.

President Obama has said that he will veto the legislation if it reaches his desk, and that if enacted “the sweeping and vague nature of this provision would have a chilling effect on US and non-US entities seeking to engage in permissible business with Iran”.  Since sanctions relief under the JCPOA came into effect in January this year, several business groups have criticised a lack of clarity as to what sanctions obligations remain in place as a barrier to reengaging with Iran (see previous blog).

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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