Iran Sanctions Increase Counterparty Risk

Over the last few weeks, the U.S. Government’s focus on Iran sanctions – and the nexus of that focus with the shipping industry – has dramatically increased. The U.S. Government has taken aggressive steps in enforcement of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”) – a law which was enacted on July 1, 2010 and amended and supplemented the Iran Sanctions Act of 1996. CISADA seeks to limit Iran’s development of petroleum resources and refined petroleum products and applies to both foreign and U.S. companies.

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