the sanctions maze – where we are and where we are going mike salthouse shipping and the law...
TRANSCRIPT
THE SANCTIONS MAZE –WHERE WE ARE AND WHERE WE ARE GOING
MIKE SALTHOUSESHIPPING AND THE LAW NAPLES – 7/8 OCTOBER 2014
WHERE WE ARE
Extraterritorial
Target Financial Services
Highly Effective
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REDUCTION IN OIL EXPORTSTOP ENERGY BUYERS FROM IRAN AND REDUCTIONS (amounts in barrels per day, bpd)
Country/Bloc 2011 Average Current Average EUROPEAN UNION (ParticularlyItaly, Spain and Greece)
600,000 Negligible
China 550,000 420,000
Japan 325,000 210,000
India 320,000 200,000
South Korea 230,000 150,000
Turkey 200,000 120,000
South Africa 80,000 0
Malaysia 55,000 Negligible
Sri Lanka 35,000 Negligible
Taiwan 35,000 Negligible
Singapore 20,000 Negligible
Other 55,000 Negligible
Total 2.5 mbd 1.1 mbd3
EFFECT ON IRANIAN ECONOMY
Hard CurrencyDepletion
GDP DeclineCurrency Decline
InflationIndustrial
Production
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WIDESPREAD APPLICATION
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USA
WIDESPREAD APPLICATION
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EUROPE
WHAT DO THEY MEAN IN PRACTICE?
Trade Prohibitions
Operational Interference
Unlawful Trading
Cover Exclusions
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WHAT DO THEY MEAN IN PRACTICE?
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WHAT’S COMING UP
IRAN
SYRIA
RUSSIA/UKRAINE
DPRK
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CONCLUSION
Sanctions Are Here To Stay
2010 - Ignorance
2014 – Detailed Knowledge
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THANK YOU