USA: COMPREHENSIVE SANCTIONS LEGISLATION AGAINST IRAN, RUSSIA AND NORTH KOREA
We have received a client alert from our correspondents in New York, Freehill Hogan & Mahar LLP, dated 4 August 2017. This sets out the new sanctions legislation that President Trump has recently signed into law. We attach a link to the full text of the client alert but we summarise the situation as follows:
• On 2 August 2017 President Trump signed into law the ‘Countering America’s Adversaries Through Sanction Act’ (‘the Act’).
• This was passed in both houses of Congress with an overwhelming majority.
• The Act imposes further sanctions on Iran, Russia and North Korea (full details are contained in the client alert).
• The Act restricts the President’s ability to lift or waive sanctions without the approval of Congress, particularly in relation to Russia.
The client alert give details of the provisions of the Act, particularly where the Act may have an impact on international shipping.