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US reimposing sanctions on Iran's Shipping and Shipbuilding

Date 10-May-2018
Subject US reimposing sanctions on Iran's Shipping and Shipbuilding

The U.S. Government plans to reimpose sanctions on Iran’s port operators, and shipping and shipbuilding sectors, in line with the decision of the Country’s President Donald Trump to withdraw from the Iran Nuclear Deal.

Trump said on May 8, that the United States will pull back from the Joint Comprehensive Plan of Action (JCPOA) and begin reimposing U.S. nuclear-related sanctions on the Iranian regime.

“Treasury’s Office of Foreign Assets Control (OFAC) is taking immediate action to implement the president’s decision. Sanctions will be reimposed subject to certain 90-day and 180-day wind-down periods,” the U.S. Treasury Office said.

The White House warned that those who fail to wind down activities with Iran by the end of the period “will risk severe consequences.”

Iranian companies that are facing the new wave of sanctions following the 180-day wind-down period ending on November 4, 2018 are the Islamic Republic of Iran Shipping Lines (IRISL), South Shipping Line Iran, or their affiliates.

Sanctions will also be imposed on petroleum-related transactions with the National Iranian Oil Company (NIOC), Naftiran Intertrade Company (NICO), and National Iranian Tanker Company (NITC), including the purchase of petroleum, petroleum products, or petrochemical products from Iran, the Treasury Office informed.


Source:-Dailyshippingtimes.com

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