USA-Withdrawal from the JCPOA Agreement with Iran
The decision by President Trump announced on May 8 to cease the US participation in the JCPOA (between Iran the P5+1 (the five permanent members of the United Nations Security Council—China, France, Russia, United Kingdom, United States + Germany) and the European Union) and to begin re-imposing US nuclear-related sanctions, which were lifted to implement the JCPOA, is likely to have significant ramifications for maritime trade with Iran and the insurance of such trade. A full assessment of the likely impact of the decision will only be possible following receipt of clarification of the position of the remaining JCPOA partners, who have recently reaffirmed their support for the JCPOA, together with further clarification from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) in relation to the management of the "wind-down" periods envisaged under the decision.
The International Group of P&I Clubs will continue to monitor developments in this regard.
Further details are provided in FAQs issued by OFAC as per the attached.
We shall keep you informed of further developments.
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