OBLIN Attorneys at Law | Austria, Iran | 24 Dec 2019
Earlier in 2019, the Supreme Court held that in light of a bilateral treaty, the Austrian courts must apply Iranian law in inheritance matters concerning Iranian nationals. However, provisions of Iranian law that differentiate between heirs on the basis of gender must be treated as violations of the fundamental values of Austrian law and should thus be exempt from application.
Arent Fox LLP | Iran, USA | 18 May 2018
Before former President Obama left office in late 2016, the Department of the Treasury's Office of Foreign Assets Control (OFAC) published a list of FAQs to address the possibility of revoking the relaxed sanctions on Iran. Following President Trump's recent announcement that the United States is withdrawing from the Joint Comprehensive Plan of Action, OFAC has published new FAQs explaining......
Katten Muchin Rosenman LLP | Iran, USA | 30 Nov 2016
The beginning of 2016 brought the arrival of 'Implementation Day' under the Joint Comprehensive Plan of Action and its potential for business opportunities in Iran that had been shut off for decades. Subsequent months have shown that, even with the relaxation of US sanctions, the road to doing business with Iran is still complex and riddled with possible compliance faults.
Katten Muchin Rosenman LLP | Iran, USA | 1 Jun 2016
The US Treasury Department Office of Foreign Assets Control recently introduced General Licence I to make it easier for US persons to enter into contingent contracts, negotiations and transactions relating to the sale of aircraft or related parts to Iran. However, the US-Iran trade relationship is tenuous and there are still many opportunities for US businesses to fall foul of US sanctions......
Harneys | Cyprus, Iran, OECD | 10 May 2016
The European Union recently scaled back sanctions regarding Iran, marking the country's return to international capital markets. Investment in Iran through Cyprus-based companies and institutions offers international investors unparalleled benefits over other models of foreign direct investment. These include the Cyprus-Iran bilateral investment treaty, the Cyprus-Iran double tax treaty and......
Katten Muchin Rosenman LLP | Iran, USA | 24 Feb 2016
Under the Joint Comprehensive Plan of Action, the United States has agreed to lift certain sanctions targeting Iran, including sanctions on the sale and export of commercial passenger aircraft, parts, components and associated services to Iran. While this marks a potential step towards an opening of Iran's market, strict licence requirements are in place for those looking to take advantage of......
Sidley Austin LLP | Cuba, Iran, North Korea, etc. | 28 Aug 2015
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced a $271,815 settlement with a US-based company for 48 alleged violations of various OFAC sanctions programmes. This enforcement action highlights the need for insurers and reinsurers to integrate economic sanctions into their compliance procedures.
Clyde & Co LLP | Iran | 13 Jul 2015
Contrary to the belief of many businesses, Iran is not out of bounds when it comes to the protection and enforcement of IP rights. EU and US sanctions permit rights holders to protect and enforce their IP rights in Iran, as long as they do not deal with any individuals or entities which have been blacklisted. Therefore, it is possible to register IP rights in Iran and take appropriate......
Sidley Austin LLP | Iran, USA | 7 Mar 2014
Clearstream Banking, SA recently agreed to pay the Department of the Treasury's Office of Foreign Assets Control (OFAC) $152 million to settle claims that it violated US economic sanctions. OFAC's settlement with Clearstream extends to the securities industry a string of multimillion-dollar enforcement actions involving use of the US financial system.
LALIVE | Iran, Switzerland | 12 Jul 2013
Switzerland has adopted sanctions against Iran by transposing into Swiss national law the United Nations' sanctions and certain EU and US sanctions. Current Swiss sanctions include a blacklist of Iranian companies with which any business transactions are prohibited. However, there is no ban on oil and gas trades and related financial transactions – merely a duty to report such transactions.