US – Iran Sanctions
5 July 2010 No.10-007
| Please refer to our Special Circular No.09-019 of 1 March, 2010 "Iran-U.S./U.K. current and pending legislative action targeted at trading activities involving Iran" and the Special Circular No.10-006 of 25 June 2010 "Special Clause for Iran Sanctions Act". |
| Members have been previously informed of the potential US sanctions applying to shipments of Refined Petroleum Products (RPP) to Iran. HR 2194, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISAD) has now been signed into law by the President and is effective from 1 July 2010. |
| As previously advised, the act exposes not only shipowners performing voyages with RPP to Iran but also their insurers (P&I and Hull & Machinery) to the risk of sanction. Please visit https://www.treasury.gov/resource-center/sanctions/Documents/hr2194.pdf for a copy of the act. |
| Members are reminded of the "Special Clause for Iran Sanctions Act" introduced and applied to insurance contract of all ocean-going vessels and members who are performing or intend to perform voyages carrying RPP to Iran are requested to notify the club as soon as practicable. |
| Further developments will be reported. |