Archives: EU Sanctions

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UK Government Proposes Increased Penalties for Sanctions Violations

On February 10, 2016, a draft of the Policing and Crime Bill 2015-16 (“the Bill”) was introduced to the UK House of Commons and given its First Reading.  The Bill is a lengthy document covering a wide variety of issues, including financial sanctions, which are contained within Part 8. Alongside the Bill, the UK government … Continue Reading

EU Ending Most Sanctions Against Belarus – Will the US follow?

According to a February 15, 2016 announcement, the Council of the European Union has decided to permanently end certain sanctions against Belarus. The EU will lift measures that froze the assets of individuals and entities connected to the regime of Alexander Lukashenko. An arms embargo and sanctions on persons closely linked to the disappearance of … Continue Reading

US, EU Implement Iran Sanctions Relief

The Joint Comprehensive Plan of Action between Iran and six world powers became effective on January 16, 2016 (“Implementation Day”), triggering significant sanctions relief in exchange for Iran curtailing its nuclear program.  While the EU has lifted most of its sanctions against Iran and the US has also eased a broad range of sanctions applicable … Continue Reading

US, EU Implement JCPOA Iran Sanctions Relief

Today, the International Atomic Energy Agency (“IAEA”) announced that Iran has met the first round of its nuclear-related commitments under the Joint Comprehensive Plan of Action (“JCPOA”).  As Steptoe explained when the JCPOA was agreed to between Iran and the P5+1 countries in July 2015, Iran would not receive any sanctions relief until “Implementation Day,” the … Continue Reading

OFAC Issues General License Authorizing Transactions with Certain Belarusian SDNs, EU Suspends Belarus Sanctions for Four Months

Today, OFAC issued a general license authorizing US persons to engage in transactions with certain Belarus-based companies that have been designated as Specially Designated Nationals (SDNs).  Specifically, the general license authorizes transactions with the following companies: Belarusian Oil Trade House Belneftekhim Belneftekhim USA, Inc. Belshina OAO Grodno Azot OAO Grodno Khimvolokno OAO Lakokraska OAO Naftan OAO … Continue Reading

Implications for the Insurance, Reinsurance, and Brokerage Industry Under the JCPOA

Steptoe’s Guy Soussan and Jack Hayes recently published an article in Insurance Day about the implications for the insurance, reinsurance, and brokerage industry under the Joint Comprehensive Plan of Action (JCPOA) related to Iran.  There are five key points: Virtually all EU insurance-related sanctions would be removed. Some, but not all, US insurance-related sanctions would … Continue Reading