Babak Hoghooghi was a featured speaker in a webcast on Iranian Sanctions and the JCPOA
Synopsis: The US government has imposed economic sanctions in one form or another on Iran since the Iranian Revolution of 1979. The most recent round of sanctions originated in 2006 when the UN Security Council passed Resolution 1696[2], imposed sanctions after Iran refused to stop its uranium enrichment program. Recently, however, a deal known as the Joint Comprehensive Plan of Action (JCPOA) was brokered among Iran, the US, and five other major world powers that may ultimately end certain sanctions on Iran and allow international nuclear inspectors back in the country. The United Nations followed suit shortly thereafter with its own resolution to lift the sanctions. While the JCPOA could potentitally represent a tectonic shift in US – Iran diplomatic relations, many questions surrounding its implementation remain. The webcast provided a robust and insightful discussion of the JCPOA and how it may affect Iran, the US, and its international counterparts in 2015 and beyond.
Key topics discussed, included:
- An overview of prohibitions and restrictions imposed under current U.S. and EU sanctions vis-à-vis Iran.
- An overview of recent enforcement actions for violations of the Iran sanctions.
- An overview of the provisions of the JCPOA agreed upon by Iran, the U.S. and other P5+1 countries on July 14 as it relates to the easing of U.S. and EU sanctions on Iran, the extent to which such sanctions will potentially be removed, and the conditions and timeline for the implementation of such provisions.
- What will be the scope of permissible commercial activities in or relating to Iran by U.S. Persons and their foreign subsidiaries or affiliates and by their EU competitors?
- Until such time when the provisions of the JCPOA, with respect to the easing of U.S. sanctions on Iran are in fact implemented, what will be the scope of permissible activities by U.S. Persons and their foreign subsidiaries or affiliates (as well as their EU competitors) who may be interested in exploring or pursuing commercial opportunitites in or related to Iran?