On May 8, 2018 President Donald Trump announced U.S. withdrawal from Iran Nuclear Deal, officially called as The Joint Comprehensive Plan of Action (JCPOA) signed on 14^th July 2015 between Iran, China, France, Russia, United Kingdom, United States & Germany.

While announcing the decision President Trump said  

I am announcing today that the United States will withdraw from the Iran nuclear deal. In a few moments, I will sign a presidential memorandum to begin reinstating U.S. nuclear sanctions on the Iranian regime. We will be instituting the highest level of economic sanction. Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States.

Read full text of Trump’s speech here

What may be the effects of U.S. pull out from Iran Nuclear Deal on the Shipping Industry?

U.S. pull out will have great impact on shipping industry however, the extend of impact cannot be assessed until the other parties, China, France, Russia, United Kingdom & Germany, make their position clear. As of now Europe and China is still with the Iran Nuclear Deal and has stated they will stick to it disregarding unilateral pull out by U.S.

US Treasury’s Office of Foreign Assets Control (OFAC)’s FAQ document has a specific question on sanctions which will be re-imposed after the 180-days wind-down period ending on 4^th November 2018 which includes

1. Sanctions on Iran’s port operators, and shipping and shipbuilding sectors, including on the Islamic Republic of Iran Shipping Lines (IRISL), South Shipping Line Iran, or their affiliates; 
2. Sanctions on petroleum-related transactions with, among others, the National Iranian Oil Company (NIOC), Naftiran Intertrade Company (NICO), and National Iranian Tanker Company (NITC), including the purchase of petroleum, petroleum products, or petrochemical products from Iran;
3. Sanctions on transactions by foreign financial institutions with the Central Bank of Iran and designated Iranian financial institutions under Section 1245 of the National Defense Authorization Act for Fiscal Year 2012 (NDAA);
4. Sanctions on the provision of specialized financial messaging services to the Central Bank of Iran and Iranian financial institutions described in Section 104(c)(2)(E)(ii) of the Comprehensive Iran Sanctions and Divestment Act of 2010 (CISADA);
5. Sanctions on the provision of underwriting services, insurance, or reinsurance; and
6. Sanctions on Iran’s energy sector

Click here to access Frequently Asked Questions Regarding the Re-Imposition of Sanctions Pursuant to the May 8, 2018 National Security Presidential Memorandum Relating to  the Joint Comprehensive Plan of Action (JCPOA)