Sanctions signed into law by U.S. President Barack Obama on New Year's Eve allows the US to cut off financial institutions worldwide who deal with the Central Bank of Iran ("CBI") from the U.S. financial system.
In collaboration with The Economist Intelligence Unit, we are pleased to offer you our views on the commercial opportunities and risks that Africa presents, most pertinently to the extractives industry.
Angola is a land of extremes. While many Angolans live in deepest poverty, the Angolan economy is the third largest in Sub-Saharan Africa, with annual GDP growth regularly topping 10% over recent years.
On October 15, 2012, the Council of the European Union adopted Council Decision 2012/635/CFSP, which strengthens existing EU sanctions against Iran.
On June 25, 2012, the Foreign Affairs Council (Council) of the European Union (EU) published a press-release.
Under the Financial Restrictions (Iran) Order 2012 of 21 November 2012, no UK bank may have dealings with an Iranian bank subject to a number of exceptions where licences will allow payment to be received.
On 15 October 2012, further restrictive measures were announced by the EU against Iran.
Two rounds of talks are slated on the issue of Iran's nuclear program this month. The first will begin on May 14 and will last for two days.
On 15 January 2013, the Libyan Ministry of Economy issued Decree No 22 of 2013 amending Decree No. 207 of 2012 in regards to foreign shareholding percentages.
This is the second of four articles Clyde & Co aims to publish on the legal and regulatory framework affecting the oil and gas industry in Libya.
The documentary letter of credit ("LC") is a key payment method in international trade - not only does it satisfy both the seller's and the buyer's conflicting needs, but it also is considered to be relatively risk free.
On September 19, 2011, the Office of Foreign Assets Control, US Department of the Treasury (OFAC), issued two new general licenses to the Libyan Sanctions Regulations (LSR), 31 C.F.R. 570.
On July 1, 2011, the Treasury Department’s Office of Foreign Assets Control ("OFAC") published a final rule imposing sanctions against Libya. New Part 570 to Title 31 of the Code of Federal Regulations, entitled the "Libyan Sanctions Regulations".
On 23 November 2012, the South African Revenue Service (SARS) published draft legislation for the Automotive Production and Development Programme (APDP) intended for implementation from 1 January 2013.
In a possible further blow to investor confidence in South Africa, the South African government expressed its intention to terminate its bilateral investment treaty (BIT) with the Belgo-Luxembourg Economic Union on 7 September 2012.
With tough times prevailing in the rest of the world, Africa continues to be a popular destination for international capital.
The need for infrastructure investment in North Africa is of paramount importance, with commentators earmarking the power and renewable energy sectors as key growth areas.
The World Economic Forum on Africa was held in Addis Ababa, Ethiopia from 9 to 11 May 2012.
On 16 October 2012, the European Union ("EU") introduced further sanctions against Iran.
A new European Union Regulation, in force throughout the EU from 27 October, imposes enhanced restrictions on the dealings of EU citizens and companies with Iran/Iranian companies and entities.