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Monday, October 22, 2018

White House – Obama signs Iran Threat Reduction Act

President Barack Obama has signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012 (H.R. 1905). This statute authorises (and, in some cases, directs) the President to impose economic sanctions on, among others, persons engaged in or facilitating the shipment of oil from Iran.

It specifically targets marine insurers, unless the insurer has engaged in due diligence to avoid providing insurance to banned vessels. In addition, the law makes parent companies liable for violations of sanctions by foreign subsidiaries and requires disclosures to the Securities and Exchange Commission (SEC) of sanctions-related activities by an issuer listed on a US stock exchange.

For further details on this subject, please see WN No. 31/2012.

Source: Dennis Bryant Maritime

Contact: Joe Angelo