Interesting views on the Iran Nuclear deal and the implications on banking transactions including thoughts from our very own Mary-Ann Orr. Read the full article here.
Following this article being published, Donald Trump announced that he will pull the US out of the Iran nuclear deal. We caught up with Mary-Ann to gain her thoughts on the recent events that had transpired and the impact they may have on doing business in Iran. Mary-Ann comments “Obviously we are disappointed, however, for the moment, we are continuing to offer our clients the same services as before. It looks like the current regime in Iran remain committed to upholding their end of the JCPOA (Joint Comprehensive Plan of Action) and are hoping that the remaining signatories, the UK, France, Germany, Russia and China, will be able to protect non-US companies from the re-instatement of US sanctions. If the US were immediately (or post the 90 or 180 days “wind-down” periods mentioned by the US) to reinstate all the sanctions measures which were in place before the JCPOA (i.e. before 2016), it would immediately be in dispute with other states around the world, especially the other signatories to the JCPOA.
The EU has criticized the US’s decision to “withdraw” from the JCPOA and is currently considering what action can be taken to protect EU businesses from US sanctions via, for instance, the WTO complaint procedures.
Therefore, with regard to the legal and sanctions compliance position of our client, nothing has changed post 8 May. We will however keep the situation under review”.