US Sanctions against Iran – HR 21294 – Entry into force
Members have been previously informed of the potential US sanctions applying to shipments of Refined Petroleum Products  to Iran. HR 2194, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( CISAD) has  now beeen signed into law by the President and is effective from 1 July 2010. A copy of the statement by the President confirming the signature of the Act is attached.

As previously advised, the Act exposes not only shipowners performing voyages with RPP to Iran but also their insurers (P&I and H&M) to the risk of sanction.  With regard to the “closely cooperating country” flexibility referred to in the Presidential statement (and the discretion on this in the Act), the Club through the International Group is seeking further input from US advisers on this to see whether this might have a positive impact on the Club’s position. This will not however necessarily resolve the underlying problem for shipowners and possibly their property insurers.

The Club will revert shortly with further directives in relation to this matter. In the interim, members who are performing or intend to perform voyages carrying RPP to Iran are requested to notify the Club as soon as practicable.

Developments are closely monitored and the Club shall also revert as soon as further news can be reported.

Yours sincerely,

The Swedish Club
Lars Rhodin

Separate attachment:

The White House – Iran Sanctions – President Obama’s Statement 7 1 2010