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US announce withdrawal from the Joint Comprehensive Plan of Action

On 8 May 2018, the President of the United States of America announced the withdrawal of the US from the Joint Comprehensive Plan of Action, otherwise known as the Iran nuclear deal.

The President confirmed that the US will begin the process of re-imposing all US sanctions previously waived under the JCPoA. The full statement issued by the US Government can be found on the White House website.

In a joint statement, the leaders of the UK, France and Germany have emphasised their continued commitment to the JCPoA. As such, the UK Government continues to fully support expanding our trade relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that arise.

The UK fully implements UN, EU and UK domestic sanctions law. How UK companies act in response to US sanctions is a commercial and legal decision for that company. However, the re-imposition of the US sanctions against Iran may have implications for UK businesses and individuals dealing with Iran. Where necessary, legal advice should be sought. For queries relating to US sanctions you should consult guidance issued by the US Office of Foreign Assets Control (OFAC) which can be found on the US Department of the Treasury website, or contact OFAC directly at:

Office of Foreign Assets Control
U.S. Department of the Treasury
Treasury Annex
1500 Pennsylvania Avenue, NW
Washington, DC 20220

Email: ofac_feedback@treasury.gov
Tel: +1-800-540-6322

EU and UN nuclear sanctions continue to be suspended, as detailed in the JCPoA. Read the full text of the agreement and annexes. However, some sanctions remain in place, in particular sanctions related to human rights, proliferation and Iran’s support for terrorism.

The HM Treasury Consolidated List of Targets can be found at this link:
https://www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets/consolidated-list-of-targets

Further information about Iranian sanctions can be found at this link:
https://www.gov.uk/guidance/sanctions-on-iran

Source: HM Treasury



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