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U.S. Sanctions on Iran
On 7 August, the U.S. prohibited Iran’s access to U.S. dollars, sanctioned trade in precious metals and industrial materials, outlawed the purchase of Iran’s sovereign debt and restricted the country’s auto and aerospace sector. Tougher measures will come into effect on 5 November, when the U.S. will cut off Iranian oil exports and put sanctions on the country’s shipping industry. – WSJ
German companies are increasingly suffering from U.S. President Donald Trump’s policy of sanctions – including those against Iran – and the tariffs he is pursuing in an escalating trade war with China. “It’s simply unacceptable that U.S. laws are being enforced outside U.S. territory,” Holger Bingmann, head of the BGA trade association, told Reuters. – Reuters
The EU and other parties to the 2015 deal, China and Russia, are working to maintain trade with Iran. “We deeply regret the re-imposition of sanctions by the U.S.,” the bloc said in a joint statement with the foreign ministers of France, Germany and Britain. The EU’s blocking statute will mitigate the impact of U.S. sanctions for business, forbidding EU persons from complying with U.S. sanctions or related court rulings and allowing for firms to sue in court to recover potential damages from parties who withdraw from contracts due to U.S. sanctions. – Reuters
U.S. Sanctions on Russia
U.S. to impose sanctions on Russia over Skripal poisoning. Russia will now be prevented from obtaining a wide range of technologies from the US that have national security implications. The new sanctions will take effect on August 22. – FT
Trump Authorizes Doubling of Tariffs on Turkey’s Steel, Aluminum
On 10 August, President Donald Trump authorized doubling metals tariffs on Turkey. Steel tariffs will be 50%, aluminum 20%. – WSJ
Also in the News:
UK Lawyers Registering in Ireland on Brexit Concerns
More than 9 per cent of all solicitors listed in Ireland are now lawyers from England and Wales, many of whom joined the Irish Roll of Solicitors after the UK voted to leave the EU. – FT
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