WorldECR Quotes Jasper Helder on Post-JCPOA Trade with Iran
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Jasper Helder, international trade partner at Akin Gump, was quoted in WorldECR’s “Iran: is a better deal in the cards?” The article examines what may follow President Trump’s decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA), the landmark nuclear deal with Iran that was signed during the Obama administration.
The article reports that all nuclear-related sanctions lifted under the JCPOA will be re-imposed and any entity continuing to trade with Iran after a brief wind-down period will, Mr. Trump has stated, face “severe consequences.” Questions remain, however, as to how sanctions against non-U.S. companies active in Iran will be implemented, given that other countries remain committed to the deal.
Since most global trade, including shipping, is conducted in dollars, Helder said, “It will be difficult in many sectors to conduct business without direct or indirect involvement of U.S. banks which are, of course, subject to U.S. law and sanctions.” He continued by noting that prior to the nuclear deal, “we saw a similar pattern with regard to European business with Iran. To this day, for the same reasons, it remains difficult, in Iran business, for fear of exposing the U.S. operations of such banks.”