The net of international sanctions on Iran and entities that do business with the Iranian regime continues to tighten. For your reference, here’s a roundup of latest commentary and analysis on sanctions imposed by the United States and Europe: U.S. Activity New Iran Sanctions Enacted (BakerHostetler): “The [latest] law, which comes just shy of five… Read more »
On October 9, President Obama issued an Executive Order that makes foreign subsidiaries of U.S. corporations subject to sanctions on doing business with Iran. From law firm King & Spalding: “Under Section 4 [of the Iran Threat Reduction and Syria Human Rights Act], no entity that is owned or controlled by a U.S. person and… Read more »
Earlier this month, President Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012. From law firm Skadden Arps: “The Act is the U.S. government’s latest response to Iran’s illegal nuclear program and the situation in Syria, and it reflects an intensified effort to counter perceived efforts by non-U.S. companies… Read more »
Earlier this month, the U.S. Office of Foreign Asset Control (OFAC) removed certain long-standing barriers to American investment in Burma. From law firm Venable LLP: “Eagerly awaited changes to U.S. financial and investment sanctions on Burma have finally arrived. U.S. businesses are now able to engage in new investment in Burma and provide financial services… Read more »
[Video: Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives - MarkteReformsWiki] For your convenience, here’s a quick Friday roundup of recent advisories and alerts to do with various legal developments in the financial services realm. The updates cover a range of topics and, starting with the excellent video interview above,… Read more »
For your reference, five recent law firm advisories with wide-ranging international focus: 1. Afghanistan’s Ban on Private Security Companies: What are the Risks for Private Investors? (Foley Hoag) “At this time, the Afghan Public Protection Force (APPF) is currently slated to fill the security void created by the ban on PSCs. The APPF is a… Read more »
Law firm Dechert has produced a useful overview of the ever-expanding EU sanctions against Iran, Syria, and Belarus and their implications for US companies: “It is a common mistake for businesses to believe that if you are based in the US or compliant with US OFAC provisions, then EU sanctions do not apply to you.… Read more »
In a move that effectively shuts Iran out of the international banking system, the European Union earlier this month adopted a decision that will block specialized financial messaging services to and from Iranian banks. From law firm White & Case: “As a consequence, none of the banks that are included in the asset freeze list… Read more »
Law firm Barger & Wolen reports on California Assembly Bill 2160, legislation designed to block California insurers from making investments in entities that do business with Iran, defined as “indirect investments:” “… Assembly Bill 2160 … would prohibit California domestic insurers from treating indirect Iran-related investments (as defined in the bill) as admitted assets. The… Read more »
Increasingly appalled by the Syrian regime’s brutality and continued repression, European Union leaders announced earlier this week a new round of sanctions against the government. The new measures target the Central Bank of Syria, the country’s gold, diamonds, and precious metals trade, and Syrian cargo flights in and out of Europe. From law firm White… Read more »
This just in from law firm White & Case: - EU tightens Iran Sanctions with embargo on Iranian oil and petrochemicals… …plus new sanctions on precious metals, diamonds and key equipment & technology for the petrochemical sector - New persons and entities added to EU Syria sanctions list (including 5 banks and 3 petroleum companies)… Read more »
White & Case’s overview of recently enacted EU sanctions against Syria: On 1 December 2011, the Council of the European Union (EU) considerably expanded its existing regime for economic sanctions against Syria when it adopted Council Decision 2011/782/CFSP which introduces or strengthens sanctions applicable to telecoms, oil & gas, electric power plants and the financial… Read more »
