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All tagged legal
◢ On 8 May 2018, U.S. President Trump announced that the United States “will withdraw from the Iran nuclear deal” and that the United States “will be instituting the highest level of economic sanctions”. At the same time, U.S. authorities announced that U.S. sanctions would be re-instated, at the latest by 4 November 2018. What does this mean for companies who have ties to Iran or who do business in Iran?
◢ With the United States looking set to withdraw from the Iran nuclear deal, the question now becomes how that withdrawal will take place. The European Union and Iran will face complex decisions about legal and diplomatic responses. Even though U.S. policy will be come more clear in the aftermath of May 12, the overall uncertainty facing businesses is likely set to increase.
◢ With the May 12 deadline for the issuing of key sanctions waivers as part of the Iran nuclear deal fast approaching, the legal impact of the collapse of the 2015 agreement ought to be considered. Regardless of how Iran responds to a change in U.S. policy, the possible withdrawal of the United States from the JCPOA will have a legal impact on its parties. Any possible change in the partnership or the provisions of the agreement will be reflected within the domain of international law.
◢ In the last week, European business leaders and policymakers have grown more vocal about the possibility that the European Union would employ blocking regulations to protect European businesses from the reach of US secondary sanctions on Iran.
◢ Despite limits to their legal effectiveness, blocking regulations can serve as part of the suite of political, legal, and commercial measures employed by European governments to protect their businesses in Iran.
