The Court of Justice of the EU has interpreted for the first time the Blocking Regulation. The ruling confirms that it is possible to terminate contracts with a US designated person without providing reasons. However, in...more
On 12 October 2018 the High Court handed down judgment in a case that concerned a claim brought against insurers for payment under a marine cargo policy relating to the theft of steel billets from an Iranian port in late...more
10/18/2018
/ Blocking Statutes ,
Economic Sanctions ,
Insurance Industry ,
Insurance Litigation ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Marine Insurance ,
Policy Exclusions ,
Policy Terms ,
Shipping Cargo ,
Theft ,
UK
The updated version of the EU Blocking Regulation enters into force On 7 August 2018, the EU published: (1) Commission Delegated Regulation (EU) 2018/1100 (Amending Regulation)...more
On 6 June 2018, the European Commission ("Commission") adopted a draft Delegated Regulation expanding the scope of Council Regulation (EC) No 2271/96 ("EU Blocking Regulation") to include the extra-territorial aspects of the...more
6/8/2018
/ Blocking Statutes ,
Covered Transactions ,
EU ,
European Commission ,
Extraterritoriality Rules ,
Foreign Relations ,
Iran ,
Iran Sanctions ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management