TT Talk - EU REGULATION 2271/1996

EU Regulation 2271/1996 (known as the Blocking Regulation) counteracts the extraterritorial effect of the US Iran Sanctions Act of 1996 (ISA). The Blocking Regulation will arguably also apply to CISADA since this is an amendment to ISA. The effect is to prohibit EU companies and nationals from complying with CISADA where to do so would adversely affect the economic interests of that company or national. As a practical matter, given the broad political alignment between the EU and the US towards Iran, the extent to which the Regulation will be invoked is not known. There are procedures set out in both EU and US law to seek derogations and/or clarification.

Staff Author

TT Club

Date06/12/2010

Tags

You may also be interested in:

Articles

Practical guidance on rules of origin for the transport and logistics industry

Learn more about the risks of abandoned cargo as we reflect on the Beirut explosion of August 2021.

Articles

As we approach the end of the Brexit transition period on 31 December 2020, there are a number of changes that will affect the import and export of goods to and from the European Union (EU). These changes will inevitably have an impact on the operations of stakeholders in the supply chain, whether you are a driver, a haulage company, a freight forwarder, a customs intermediary or a port operator.

Whether for bulk handling or container operations, the quayside crane is critical for performing ship to shore services. This vital tool is also vulnerable to significant damage when impacted by a ship during berthing. While relatively low frequency, such incidents carry high consequence in direct damage, business disruption and potential for injury.