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:

Leading insurance provider to the international freight and logistics sector, TT Club has announced a significant change to its New Jersey office leadership

The hosting of events can be a valuable and enjoyable experience for all; careful planning and risk assessment will pay dividends in delivering success.

With the ever-increasing focus on care for the marine environment greater attention must be afforded to the particular risks associated with the transport of microplastic pellets.

For 25 years this newsletter has communicated to the global transport industry information and guidance, highlighting a wide range of topical issues that the industry has faced. Rightly, safety has frequently been the focus of discussion. The industry will inevitably continue to face both existing and as yet unknown challenges.