On 15 May 2018, the Foreign & Commonwealth Office (FCO), Department for International Trade (DIT) and the Export Control Joint Unit (ECJU) published a revised Guidance – Embargoes and sanctions on Iran. The guidance states that on 8 May 2018 the President of the United States confirmed that the US will begin the process of re-imposing all US sanctions previously waived under the Joint Comprehensive Plan of Action (JCPoA), but points out that the UK government fully supports “expanding our trade relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that will arise. Department for International Trade (DIT) is in Tehran to support bilateral trade and investment.” However, it points out that some sanctions remain in place so UK businesses should continue to ensure they are compliant with all sanctions regimes. It then discusses the prohibited activities and those that require a licence.
On 10 May 2018, HM Treasury and the Office of Financial Sanctions Implementation (OFSI) distributed Guidance – Financial sanctions: guidance, FAQs and information on monetary penalties, which provides information on the approach OFSI takes to financial sanctions and monetary penalties for breaches in financial sanctions via links to the following publications, which may be downloaded:
