IRAN SANCTIONS: THE END OF SIGNIFICANT REDUCTION EXEMPTIONS

April 25, 2019

On 22 April 2019 the US State Department announced that it will not be renewing the significant reduction exemptions granted in November 2018 to China, Greece, India , Italy, Japan, South Korea, Taiwan and Turkey to continue to import Iranian crude oil. The current exemptions expire on 2 May 2019. Shipowners and ships carrying Iranian crude oil after that date to any of these countries are at risk of breaching US sanctions regulations.

We wish to thank New York law firm Freehill Hogan & Mahar for bringing the latest US sanctions developments to our attention.

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