On Wednesday, 9^th March 2016, Maryam Taher was invited to give a talk on "The lifting of sanctions against Iran and the implications for shipping companies" at the 8^th Chemical & Product Tanker Conference at Grange City Hotel.

The event was highly attended by leading shipowners, ship-operators, charterers, insurers, lawyers and regulators.

Maryam Taher, the industry expert on Iran matters, provided her insightful comments on the recent developments following the lifting of the Iranian sanctions on 16^th January 2016. She examined the EU and U.S. respective commitments pursuant to the Joint Comprehensive Plan of Action (JCPOA) and identified those commercial activities with Iran which were previously prohibited and are now permitted.

Special reference was made to the effect of the lifting of the Secondary U.S sanctions on the Energy and Petrochemical sectors. As it stands, non-U.S. persons are no longer subject to sanctions in respect of purchasing, selling, transporting or marketing Iranian crude oil. On the other hand, the Primary U.S. sanctions, which remain in place, broadly prohibit U.S. persons and entities from engaging in transactions or dealings with Iran, the Iranian Government and the Iranian financial institutions unless the transactions are exempt from OFAC.

In her closing remarks, Maryam highlighted the key challenges in conducting business in Iran/with Iranian entities and called upon those with potential interests in the region to seek legal advice to ensure that any future transactions comply with the remaining sanctions-related requirements.

A copy of the slide presentation can be downloaded from the link below.

M Taher & Co Solicitors