On 8 June 2020, the sanctions against the Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Company Ltd (E-Sail) have come into effect.
Who? Department of the Treasury’s Office of Foreign Assets Control (OFAC)
When? 8 June 2020
Document: SDN Update, Press release
Why does it matter?
The United States applies economic, trade, scientific and military sanctions against Iran.
After the U.S. withdrawal from the Joint Comprehensive Plan of Action, the United States has imposed several new non-nuclear sanctions against Iran. In August 2018 the Trump administration reimposed the sanctions and warned that anyone doing business with Iran will not be able to do business with the United States.
The Office of Foreign Assets Control (OFAC) administers and enforces U.S. economic and trade sanctions. It publishes lists of individuals and companies owned or controlled by or acting for or on behalf of, targeted countries.
What can I do?
It is forbidden to engage in certain commercial activities related to Iran. Businesses, therefore, may:
Put processes and procedures in place to make sure they comply with the laws related to the sanctions imposed.
Expert to Contact
About Professional Legislative Monitoring
Never miss an update. We monitor legislation so you don’t have to. We monitor legislation so you don’t have to. Save time and stay up to date. We offer three plans.
The BASIC plan enables you to get to KNOW what rules were modified
The ADVANCED plan enables you to ASSESS the impact on your business and take action.
The PRO plan enables you to EXECUTE QUICKLY and PLAN strategically
About Customs Manager
Our mission is to create the world's largest community of empowered Customs managers and Global Trade Professionals. We achieve this through professional legislative monitoring, ongoing training & education, and providing first-class support. In this way, we strengthen the overall customs & global trade (C>) profession by creating up-to-date, well-trained, and supported customs managers ready to grow global trade effectively, efficiently and compliantly. www.customsmanager.org