The Club has received the following update of the Iran sanction position from US lawyer Hal Eren, Eren law firm.
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Limited Lifting of Sanctions as part of the Recent Initial Agreement between the P5+1 (the United States, United Kingdom, France, Germany, Russia, China, facilitated by the European Union) and Iran.
On November 23, 2013, the P5+1 and Iran reached an initial agreement with respect to Iran’s nuclear program. The agreement is an initial step towards a comprehensive agreement between the P5+1 and Iran and reflects the first meaningful limits that Iran has accepted with respect to its nuclear program over the last 10 years.
In return and as part of this initial agreement reached on November 23, the P5+1 will provide limited sanctions relief to Iran by lifting some of the current sanctions against Iran. The relief is structured in a way that the overwhelming majority of the current sanctions regime, including the key oil, banking and financial sanctions remain in place. These current sanctions will continue to be vigorously enforced. If Iran fails to meet its commitments under the November 23 agreement, the limited sanctions relief will be revoked and additional sanctions will be imposed on Iran.
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Please find full advisory attached below.
Economic Sanction Update: Iran
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