On 24 November 2013, the P5+1 countries (comprising the United States, Russia, China, the United Kingdom, France and Germany) together with Iran, agreed the Joint Plan of Action (JPOA), which relaxed some of the sanctions imposed against Iran by the EU and U.S. The JPOA was intended to provide interim sanctions relief, while the parties worked … Continue Reading
In our alert of 8 July, we reported that the P5+1 and Iran had announced the extension of the Joint Plan of Action Relief Period (the JPOA Relief Period) to today, 10 July 2015. Negotiations with Iran continue. To allow more time for the parties involved to reach a long-term solution, the JPOA Relief Period … Continue Reading
On March 25, 2015, Schlumberger Oilfield Holdings, Ltd. (“SOHL”), a wholly owned subsidiary of Schlumberger Ltd., the world’s largest oil-field services company (collectively “Schlumberger”), agreed to plead guilty to criminal charges, enter into a plea agreement, and pay $232.7 million in penalties for willfully facilitating illegal transactions and engaging in trade with Iran and Sudan. … Continue Reading
This post was also written by Alexandra E. Allan and Tom C. Evans This alert follows our previous alerts on the Russia/Ukraine sanctions. U.S. Passes New Sanctions Authorizing Statute – Sends Russia Frigid End of Year Message President Obama: U.S. will “review and calibrate” sanctions in response to Russia’s actions On December 18, 2014, President Obama signed into … Continue Reading
This post was also written by Alexandra E. Allan, Laith Najjar, Tom C. Evans On 24 November 2013, an agreement was reached between the E3+3 (also known as the P5+1, and which includes the United States, United Kingdom, Russia, China, France and Germany) and Iran. This agreement, known as the Joint Plan of Action (JPOA), was … Continue Reading
In January 2014, both the EU and U.S. brought into force measures which temporarily suspended and relaxed (for an initial period of six months) some of the sanctions in place against Iran. This reflected the Joint Plan of Action (JPOA) agreed to in November 2013 between Iran and the E3+3, also known as the P5+1, … Continue Reading
As the United States and Russia continue to clash over Russia’s actions in the Ukraine, on September 12, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued additional sanctions further restricting designated Russian financial institutions’ access to capital markets, targeting Russian defense entities, and prohibiting exports to Russian entities that have been specifically … Continue Reading
On August 13, 2014, the Office of Foreign Assets Control (“OFAC”) revised its guidance on the status of entities owned by persons designated on the Specially Designated Nationals List (“SDN List”). Under the new guidance, OFAC will consider an entity to be blocked if it is 50 percent or more owned, directly or indirectly, in … Continue Reading