Iranian Trade and the JCPOA
JCPOA – Sanctions
On 8 May 2018 the US announced their intention to withdraw from the JCPOA.
We need clarity before we comment further, but we understand that 90 and 180 day wind down provisions have been agreed by the US Treasury Department, so there is at least breathing space whilst the situation unfolds. Prior to JCPOA, the major world economies and the UN were united in their approach so trade to Iran and Insuring that trade was impossible for business’s subject to US or EU regulation.
The US now appear to be on a different course to the other major world powers so the position may be different in the months to come. We will comment further, when clarity is provided, on the likely impact on the Insurance market and the cover that we are able to provide.
The MECO Group
9th May 2018