THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

Issue 75, December 2018

Proposed SPV to protect EU companies from US sanctions against Iran delayed

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By Sunny Mann, Ross L. Denton and Akash Sikka, Baker McKenzie www.bakermckenzie.com   Following the snap-back of US sanctions on 5 November 2018, foreign and finance ministers from the UK, France, Germany and the EU published a joint statement in which they expressed their ‘regret’ at the re-imposition of sanctions on Iran by the US and also reiterated their ‘aim to protect European Economic operators engaged with legitimate business with Iran’. These comments suggest that the EU is determined to continue economic relations with Iran and that the proposed special purpose vehicle (‘SPV’), announced by the EU on 24 September,...

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