Clyde & Co lawyers are reminding the shipping industry that sanctions against Iran are still firmly in place, and not all will be lifted once the Joint Comprehensive Plan of Action (JCPOA) is implemented
"Banks have been dropping customers who have business ties with Iran."
The worlds of commerce and shipping are eagerly awaiting the implementation of the JCPOA agreement between Iran and the "P5+1"
- the five permanent members of the United Nations (UN) Security Council of China, France, Russia, the UK and US, plus Germany
- sometime in the first quarter of next year.
Iran is being touted as the last great frontier market, a country that has a large, young, well-educated and upwardly mobile population but at the same time needs investment totalling in excess of $200bn in its oil-and-gas, power, mining and infrastructure sectors, along with huge volumes of modern gadgets needed to satisfy pentup consumer demand.
Therefore, it came as no surprise that senior executives and legal representatives from traders, insurers, banks and shipping companies flocked to a seminar this week about doing business in Iran and the impact of sanctions, organised by legal firm Clyde & Co Clasis in Singapore.
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