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Tag Archives: Iran

Posted in European Union, Market developments, Russia, UK, USA

Webinar: Sanctions: Navigating the Labyrinth

The pace of change to the global financial sanctions landscape picked up dramatically during the course of 2018. Global (re)insurers, brokers and policyholders now face an increasingly complex lattice of measures imposed by the UN, U.S., EU, UK and other countries. These measures often have different scope, jurisdictional reach and can directly conflict with one

Posted in Case reports, UK

UK: Sanctions exclusion clauses: What can we learn from Mamancochet Mining Limited v Aegis Managing Agency Limited and Others [2018] EWHC 2643 (Comm)?

On 12 October 2018 the High Court handed down judgment in a case that concerned a claim brought against insurers for payment under a marine cargo policy relating to the theft of steel billets from an Iranian port in late 2012. The 11 defendant underwriters sought to rely on a London standard insurance market sanctions

Posted in European Union, Market developments, UK, USA

The Joint Comprehensive Plan of Action (“JCPOA”) – Implementation Day

Under the JCPOA, the EU 3+3 agreed to lift certain economic and financial sanctions against Iran in return for Iran complying with its nuclear-related obligations.  For further detail of the structure of the JCPOA, please see our prior blog post on 17 July 2015. On 16 January 2016, Implementation Day, the International Atomic Energy Agency

Posted in European Union, Market developments, UK, USA

Sanctions Update – Historic nuclear deal struck with Iran: What does this mean for sanctions?

After months of negotiation China, France, Germany, Russia, the UK and the United States (known as the “EU+3”) and Iran reached an agreement, the joint comprehensive plan of action (“JCPOA”), regarding Iran’s nuclear program. Currently, EU and US sanctions prohibit a wide range of (re)insurance activities connected to Iran and impose sweeping asset freezes on

Posted in European Union, Market developments, Regulatory and legislative updates, UK, USA

“Limited, targeted, temporary and reversible”: can (re)insurers benefit from the lifting of Iranian sanctions?

Background On 23 November 2013, the Joint Plan of Action was agreed between Iran and the E3/EU+3 (France, Germany, the UK, China, Russia and the US). Under this plan it was agreed that “limited, targeted, temporary and reversible” relief from certain sanctions measures would be granted to Iran, in return for Iran’s agreement to commence