On November 5, 2018, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-imposed U.S. nuclear-related sanctions on Iran that had been lifted under the Joint Comprehensive Plan of Action (the "JCPOA"). As a response to this, the European Union earlier this year, updated the 1996 regulation known as "the Blocking Statute", with the aim to counteract the extraterritorial effects of the re-imposed American sanctions on EU persons.
The U.S. sanctions and the EU Blocking Statute have had and will continue to have considerable ramifications for international trade with Iran. This newsletter is designed to provide an overview of the re-imposed U.S. sanctions and the updated EU Blocking Statute, and to give an understanding of the practical implications of the U.S. sanctions and the EU counteraction from a Norwegian perspective.
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