Articles Posted in Iran Sanctions

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Eurasia Group

The United States, UK, France, Germany, China and Russia announced in early April the parameters for a Joint Comprehensive Plan of Action regarding Iran’s Nuclear Program. However, a final agreement will not occur—if it occurs at all—until June 2015.

Savvy companies are planning now for either a potential relaxation of sanctions or a collapse of the process and the introduction of new, more severe sanctions policies impacting business.

The Eurasia Group and Pillsbury invite you to join us for a morning seminar on Iran sanctions, the current state of negotiations, likely outcomes and potential market opportunities. We will also discuss the current international sanctions regimes and the political developments in the United States impacting the future of U.S.-Iran relations.

This event is the first in a series organized by Pillsbury and the Eurasia Group to help businesses plan for changes in the legal regimes affecting international trade. Future events will examine changes impacting Russia, Cuba and Myanmar.

9 June 2015
09:00 – 11:00

Pillsbury’s London office
Level 21, Tower 42
25 Old Broad Street
London EC2N 1HQ

Schedule
09:00 – Registration and breakfast
09:30 – Seminar and Q&A session
11:00 – Networking

Topics include:

  • Eurasia Group’s forecast on the outcome of negotiations
  • Pillsbury’s assessment of evolving U.S., UK, EU and UN Iran sanctions: what they are, what may change, and when
  • What can companies do now to prepare for the successful conclusion of talks
  • What would the failure of negotiations mean
  • The impact the U.S. Congress may have on any outcome

Speakers:
Cliff Kupchan, Chairman, Eurasia Group
Nancy Fischer, Partner, Pillsbury
Aaron Hutman, Counsel, Pillsbury
Steven Farmer, Counsel, Pillsbury
Matthew Oresman, Counsel, Pillsbury
For further information, please contact Vera Kapysh at vera.kapysh@pillsburylaw.com / 44(0)207 847 9545.

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On Friday, May 8, the Senate overwhelmingly approved the Iran Nuclear Agreement Review Act, which would give Congress a role in approving any agreement with Iran concerning its nuclear program. The Senate approved the bill 98-1, with Sen. Tom Cotton (R-AK) the only dissenting vote. The House of Representatives could vote on the legislation as early as this week.

As discussed in a previous post, on April 2, 2015 representatives of the United States, Great Britain, France, Germany, China and Russia (collectively, the “P5+1” countries) announced that they had agreed with Iran on the Parameters for a Joint Comprehensive Plan of Action. The parties now have until June 30, 2015 to reach a final agreement. One of the major open issues is what sanctions on Iran would be removed and when. Complicating this negotiation, especially following passage of the Iran Nuclear Agreement Review Act, is President Obama’s authority to lift U.S. sanctions on his own authority.

Under the legislation passed by the Senate, Congress would have 30 days to review the agreement and the proposed sanctions relief plan (longer under certain circumstances). Congress may then enact a joint resolution in favor of the agreement, enact a joint resolution opposing the agreement, or take no action. If Congress approves the agreement or takes no action, the President may then grant sanctions relief in line with the authority that currently exists under relevant statutes. If Congress votes to disapprove of the agreement, the President can veto the joint resolution and, if Congress fails to override the veto, he can still move forward with sanctions relief. However, if that veto is overridden by a 2/3 vote of both houses of Congress, then the President would be prohibited from lifting sanctions. Continue reading →

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On April 2, 2015 representatives of the United States, Britain, France, Germany, China and Russia (collectively, the “P5+1” countries) announced that they had agreed with the Islamic Republic of Iran on the Parameters for a Joint Comprehensive Plan of Action Regarding the Islamic Republic of Iran’s Nuclear Program (the “Parameters” or “Framework Agreement”). The Parameters establish a comprehensive framework regarding Iran’s nuclear energy industry and capabilities. The parties have not yet drafted the text of the final agreement and will continue to negotiate implementation details, probably until the June 30, 2015 deadline (with some indications that the deadline could be extended). Meanwhile, U.S., EU and UN sanctions will remain in place until Iran demonstrates verifiable compliance with the key terms of the agreement.

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Japanese companies may face major questions about Iran after June 2015. At that time, significant new opportunities could open in one of the world’s largest undeveloped economies and energy reserves, or the door could remain shut and more severe sanctions policies could impact existing business. It is important to plan ahead to ensure any activities are undertaken in compliance with sanctions requirements. Here is what you need to know.

The P5 + 1 countries and Iran have a self-imposed deadline to reach a framework for a final nuclear agreement by the end of March 2015. The negotiating period for the current interim nuclear accord expires on June 30, 2015. This marks a crucial pivot point:

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