Shipping lines told to wind down Iranian business

The US administration has given shipping lines 6-months to leave or cease operations with Iran following President Donald Trump’s decision to withdraw the US from the Iran nuclear deal.

Those who do not comply will ‘face exposure to sanctions or an enforcement action under US law’ according to documentation relating to the withdrawal from the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA).

A US state department official said: “Shipping, shipbuilding, ports – all of those sanctions that are related to both the energy sector and then the banking and the shipping or transportation of that energy, will all have a six-month wind down. Everything else is going to have a 90-day wind down.”