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Iran – Sanctions – Back to the future?
On 8 May 2018, President Trump announced his decision to withdraw the United States from the Join Comprehensive Plan of Action (JCPOA) and to impose once again on Iran several sanctions which were lifted in January 2016 under the JCPOA.
This is a significant change of scenario to non-U.S. entities allowed to trade Iran, particularly to shipping industry. The decision taken by U.S. administration affects chartering business, including spot fixtures, voyage charterparties and time charterparties. Other forms of shipping-related contracts, including ship sale and purchase, contracts of affreightment and brokerage agreements shall be touched. A consideration on a case-by-case basis is required, taking into account criteria recently issued by Office of Foreign Assets Control (OFAC).
