Businesses Affected by US-Iran Sanctions Warned to Contact Black Country Chamber

08 Aug 2018

Published in: Black Country Chamber of Commerce News

With regards to the recent announcement that the US have re-imposed sanctions on Iran, the Black Country Chamber of Commerce are warning affected businesses to contact them before taking any further action.

Yesterday (7th August), the US President announced he would re-impose a trade embargo on Iran after withdrawing from a 2015 deal that lifted sanctions in return for a halt on Iran's nuclear programme. Whilst this announcement was met with defiance by the leaders of the UK, France and Germany, who publically pledged their support for the Iran Nuclear Deal, businesses that do not comply with the sanctions could face difficulties when it comes to trading internationally. In relation to this, where necessary, the Black Country Chamber of Commerce will signpost to the appropriate legal entity.

Corin Crane, Chief Executive of the Black Country Chamber of Commerce, commented: "The President of the United States has categorically stated that any company doing business with Iran will not be doing business with the US for the foreseeable future. With this in mind, there are fears that UK and European banks will be unwilling to handle money related to trade with Iran, with cash flow and successful payments becoming an immediate concern. Furthermore, we may also see a ‘blacklisting' of businesses who continue to trade with Iran.

"We know that there will likely be businesses affected by this recent announcement in the Black Country and across the West Midlands, and what they require is clarity and trusted advice from trade experts. We have fantastic International Trade and export documentation advisers here at the Black Country Chamber and advise any potentially affected firms to give us a call."

Jim Archibald, Export Documentation Manager at the Black Country Chamber of Commerce, further added: "It may only be US sanctions that have been re-imposed but US involvement, particularly in the banking sector, will make trading with Iran very difficult for European companies. US citizens and companies are likely to be forbidden from facilitating trade with Iran, so no matter where they are located, European and UK businesses will not be immune from Donald Trump's unilateral decision.

"Certainly, if you are a UK subsidiary of a US-owned parent company, it will be worthwhile checking what company policy and position is moving forward. These sanctions are expected to increase in scope over a longer period, so if you are a company with long-term contractual agreements in Iran, do be aware of company policy."

If you are affected by the announcement of re-imposed tariffs, or would like more information on the issue, please contact Gerald La Touche, International Trade Adviser at the Black Country Chamber of Commerce, on 01902 912318.

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