Friday, 23 June, 2017

Which US sanctions on Iran are canceled?

Mideast-Iran-Pistachi_Horo-1

With Saturday’s formal implementation of the Iran nuclear deal, the United States lifted it economic sanctions imposed on Tehran

Secondary sanctions

With the adoption of the deal, the United States automatically drops its “secondary sanctions” banning non-Americans from certain trade and investment with Iran.

These include:

  • Finance and banking-related sanctions, including on dealings with the Iranian central bank
  • Sanctions on underwriting services, insurance and re-insurance
  • Sanctions on Iran’s oil, gas and petrochemical sectors
  • Sanctions on doing business with Iranian shippers, shipbuilders and port operators
  • Sanctions on Iran’s trade in gold and other precious metals
  • Sanctions on trade in graphite, raw or semi-finished metals such as aluminum and steel, coal and software for integrating industrial processes — where such items are not used in nuclear research banned under the deal
  • Sanctions on Iran’s automotive sector
  • Sanctions on associated services for each of the categories above

Blocked persons

  • The United States has removed 400 names of individuals, companies and entities from lists of sanctions evaders and those connected to the Iran nuclear program.

Planes and pistachios

While US companies will still be barred in many cases from directly doing business with Iran themselves, the deal allows trade in three specific areas:

  • US companies will be allowed to export commercial aircraft and spare parts to Iran’s creaking fleet, as long as they are not used for military transport or activities banned under the nuclear pact.
  • US-owned or managed companies based abroad will be given a general permission to trade with Iran.
  • Iranian producers will be permitted to export to the United States carpets and food — including pistachios and caviar.

Cash windfall

With the dropping of the sanctions, Iran will be able to access tens of billions of dollars in its oil revenues blocked in foreign banks.

US officials estimate that after Iran has settled outstanding debts and bills, notably to China, they may be able to get their hands on $50 billion.

Full text: Joint statement by EU Mogherini and Iran’s Zarif on JCPOA implementation

Sanctions on Iran lifted

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1 Comment

  1. Verity Howells

    January 17, 2016 at 4:40 pm

    For me, the key point in the article is “US-owned or managed companies based abroad will be given a general permission to trade with Iran” and in particular what it means to be “based” abroad for a US-owned company. Does this mean country of domicile? And therefore a US-majority owned company which is incorporated in Dublin can trade with Iran in goods and financial services?

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