Herbert Smith Freehills publishes second edition of Iran Investment Guide

Herbert Smith Freehills is pleased to announce the publication of an updated version of its Iran Investment Guide. The guide describes the key legal aspects that foreign investors should consider when investing in Iran. It has been updated to take into account the lifting of the EU's nuclear related sanctions and most of the US secondary sanctions following the occurrence of "Implementation Day" under the Joint Comprehensive Plan of Action.

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ADOPTION DAY UNDER THE IRAN AGREEMENT – US AND EU PUBLISH DETAILS OF CHANGES TO THEIR SANCTIONS REGIMES

The Joint Comprehensive Plan of Action relating to Iran's nuclear programme (the "JCPOA") officially came into effect on 18 October ("Adoption Day"), requiring all JCPOA participants to make the necessary arrangements and preparations for implementation of their respective JCPOA commitments.  In this briefing, we summarise the most recent steps taken by the US and EU under the JCPOA.

In the case of both the EU and US, there have been no immediate changes to the legislative position and all sanctions continue to apply.

For further background on the JCPOA, please see our previous briefing.

Our full e-bulletin is available here.

For more information, please contact Susannah Cogman, Partner, Daniel Hudson, Partner, Jonathan Cross, Of Counsel, Elizabeth Head, Senior Associate, Justin Schenck, Associate or your usual Herbert Smith Freehills contact.

Susannah Cogman
Susannah Cogman
Partner
+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Partner
+44 20 7466 2470
Jonathan Cross
Jonathan Cross
Of Counsel
+1 917 542 7824
Elizabeth Head
Elizabeth Head
Senior Associate
+1 917 542 7828
Justin Schenck
Justin Schenck
Associate
+1 917 542 7825

EU sanctions update: EU extends duration of sanctions against Russia

The EU has recently announced an extension of its sanctions imposed in response to the situation in Ukraine.  EU leaders had previously confirmed that the duration of sanctions affecting Russia would be linked to the implementation of the Minsk Agreements, currently foreseen to be completed by 31 December 2015.  The EU has therefore taken steps to extend the validity of its sanctions against Russia beyond this period; the underlying Council Decisions would otherwise have expired before the Minsk Agreements are expected to be fully implemented.

This briefing provides a summary of the new EU legislation and the revised expiry dates of the various measures.  There have been no substantive changes to the restrictive measures and EU persons should therefore continue to comply with all applicable measures.

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Upcoming Webinar: Sanctions Update: Ukraine and Russia

Monday 22 September 2014, 2.00pm – 3.00pm BST

The international sanctions landscape has continued to develop in response to the situation in Ukraine.

On 12 September, the EU and US both published details of expansions to their existing sanctions against Russia, including in relation to the restrictions on certain Russian companies’ ability to access the EU/US capital markets. Both the EU and US have also designated additional individuals and entities under their respective asset freeze regimes.

In this webinar we will provide:

  • An overview of the current sanctions, including the amendments to the EU and US sectoral sanctions
  • An overview of relevant EU institutions and decision-making processes in relation to sanctions
  • An update on any further EU and US developments during the course of this week
  • An opportunity to pose your questions to our expert team.

Speakers:

If you would like to register for this event please click here. We will then send you an email with the event details and confirmation of your log-in address. If you have queries about the webinars or the registration process please contact: Prudence Heidemans, Webinar co-ordinator, London.

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EU expands sectorial sanctions against Russia

The EU has published new legislation expanding its existing sanctions against Russia. The latest edition of Herbert Smith Freehills’ Sanctions Update briefing provides an overview of the new measures, namely:

  • an expansion of the restrictions on dealing in transferable securities issued by listed Russian banks;
  • the application of these restrictions to listed Russian companies in the military and oil sectors;
  • additional trade restrictions, including in relation to dual use goods and certain services necessary for particular oil projects; and
  • an expansion of the existing asset freeze.

Our briefing also summarises recent UK legislation criminalising breach of certain EU trade sanctions against Russia and provides an overview of recent developments in Australia. Finally, we consider possible future developments in this area.

For further information, please contact Susannah Cogman, Partner, Daniel Hudson, Partner, Oleg Konnov, Partner, Rod Fletcher, Partner, Elizabeth Head, Associate, or your usual Herbert Smith Freehills contact.

Susannah Cogman
Susannah Cogman
Partner
+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Partner
+44 20 7466 2470
Oleg Konnov
Oleg Konnov
Partner
+7 495 363 6531
Rod Fletcher
Rod Fletcher
Partner
+44 20 7466 2411
Elizabeth Head
Elizabeth Head
Associate
+44 20 7466 7555

Sanctions Update: EU and US introduce further sanctions in response to the situation in Ukraine; EU amends sanctions against Libya, Central African Republic and Syria

Herbert Smith Freehills has published its latest Sanctions Update e-bulletin, on the latest developments in sanctions regimes in Ukraine, Libya, Central African Republic and Syria.

Both the EU and US have introduced limited additional sanctions in light of the current situation in Ukraine, and Australia has announced its list of Ukraine-related designated persons.  The EU has also announced amendments to its sanctions against Libya, the Central African Republic and Syria.  Of these developments, the most significant is a ban on the import into the EU of goods from Crimea and Sevastopol, and any associated financing or re/insurance by EU persons.

For further information, please contact Susannah Cogman, Partner, Elizabeth Head, Associate, or your usual Herbert Smith Freehills contact.

Susannah Cogman
Susannah Cogman
Partner
+44 20 7466 2580
Elizabeth Head
Elizabeth Head
Associate
+44 20 7466 7555

Ukraine – EU imposes asset freeze and travel ban on 21 Russian individuals; US introduces additional Executive Order and imposes asset freeze and visa ban on 11 Ukrainian and Russian individuals

Herbert Smith Freehills has published its latest Sanctions Update e-bulletin, on the imposition targeted sanctions by the EU and US in response to the recent Crimea referendum.

On 17 March 2014, the EU introduced an asset freeze and travel ban applying to 21 Russian individuals. On the same day, the US introduced a second Executive Order, allowing it to sanction Russian individuals and released a list of 11 Russian and Ukrainian individuals subject to an asset freeze and visa ban under its Executive Orders.

For further information, please contact Rod Fletcher, Partner, Susannah Cogman, Partner, Daniel Hudson, Partner, or your usual Herbert Smith Freehills contact.

Rod Fletcher
Rod Fletcher
Partner
+44 20 7466 2411
Susannah Cogman
Susannah Cogman
Partner
+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Partner
+44 20 7466 2470

Ukraine – EU imposes asset freeze on members of former government and issues a statement in relation to Russia; US introduces Executive Order permitting the blocking of assets

Herbert Smith Freehills has issued its latest Sanctions Update e-bulletin, concerning the EU and US response to recent events in Ukraine.

On 5 March 2014, the EU introduced an asset freeze applying to former President Yanukovych and other former government officials and persons associated with the former government. The UK has introduced domestic legislation criminalising breaches of this asset freeze. The EU also held an emergency Heads of State meeting on 6 March. The conclusions from that meeting indicate that there is a possibility of EU sanctions being imposed on Russia in the absence of negotiations between Russia and Ukraine which produce results within a limited timeframe. Also on 6 March the US introduced an Executive Order which would permit the imposition of an asset freeze and visa bans although no companies or individuals have yet been designated.

For further information, please contact Rod Fletcher, Partner, Susannah Cogman, Partner, Daniel Hudson, Partner, or your usual Herbert Smith Freehills contact.

Rod Fletcher
Rod Fletcher
Partner
+44 20 7466 2411
Susannah Cogman
Susannah Cogman
Partner
+44 20 7466 2580
Daniel Hudson
Daniel Hudson
Partner
+44 20 7466 2470

When will sanctions frustrate an agreement?

A recent judgment of the English Commercial Court has highlighted the issue of the effect of new sanctions legislation upon contractual obligations, and in particular the importance of considering applications for available licences before seeking to rely on the doctrine of frustration.

In the case of Melli Bank plc v Holbud Limited [2013] EWHC 1506, the Commercial Court (“Court“) granted summary judgment to Melli Bank plc (“Bank“), regarding commitment fees said to be owed to it by a customer, Holbud Limited (“Customer“). The commitment fee was in regard to a facility that went unutilised after the Bank was designated under the prevailing EU sanctions regime and had its assets frozen. The Court ruled that this did not amount to frustration, as the Customer could have applied for a licence from the UK competent authority (“HM Treasury“) allowing payment to be made.

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Contractual disputes and practical implications arising from sanctions in the aftermath of the Arab Spring

In the aftermath of the Arab Spring and amidst continuing unrest in the region, the Middle East remains at the forefront of the international sanctions agenda. Craig Tevendale, partner, and Maguelonne de Brugiere, associate, examine the impact that such sanctions have on the contractual arrangements of companies doing business in the region and offer advice on how to mitigate this impact effectively. To read the full article, please click here.

This article was first published in World ECR, Issue 22, May 2013. For more information please contact Craig Tevendale, partner or Maguelonne de Brugiere, associate or your usual Herbert Smith contact.

Craig Tevendale
Craig Tevendale
Partner
+44 20 7466 2445
Maguelonne de Brugiere
Maguelonne de Brugiere
Associate
+44 20 7466 7488