Caution on sanctions urged

Law firms around the world were quick to react to the news of Implementation Day and the US/European Union lifting of certain sanctions against Iran. Here, Liz Booth collates some of that reaction and its expected impact for the shipping sector

16 January 2016 marked “Implementation Day” under the Iran-related Joint Comprehensive Plan of Action (JCPOA). This marked the coming into effect of EU and US legislation relaxing significantly the sanctions in place against Iran, according to Daniel Hudson, partner dispute resolution, London, and Jonathan Cross, counsel, disputes, New York, both of Herbert Smith Freehills.