May 8, 2018: UK updates “Doing business in Iran” guide

Notable addition yesterday:

5.1 US withdrawal from JCPoA

The President confirmed that the US will begin the process of re-imposing all US sanctions previously waived under the JCPoARead the full statement issued by the US Government.

In a joint statement, the leaders of the UK, France and Germany have emphasised their continued commitment to the JCPoA. As such, the UK Government continues to fully support expanding our trade relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that arise.

The UK fully implements UN, EU and UK domestic sanctions law. How UK companies act in response to US sanctions is a commercial and legal decision for that company. However, the re-imposition of the US sanctions against Iran may have implications for UK businesses and individuals dealing with Iran. Where necessary, legal advice should be sought. For queries relating to US sanctions you should consult guidance issued by the US Office of Foreign Assets Control (OFAC) which can be found on the US Department of the Treasury website, or contact OFAC directly at:

Office of Foreign Assets Control 
U.S. Department of the Treasury 
Treasury Annex 
1500 Pennsylvania Avenue, NW 
Washington, DC 20220 
Email: <ofac_feedback@treasury.gov> 
Tel: +001-800- 540-6322 

EU and UN nuclear sanctions continue to be suspended, as detailed in the JCPoARead the full text of the agreement and annexes. However, some sanctions remain in place, in particular sanctions related to human rights, proliferation and Iran’s support for terrorism.

Link:

Doing business in Iran

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