THE SANCTIONS MAZE – WHERE WE ARE AND WHERE WE ARE GOING MIKE SALTHOUSE SHIPPING AND THE LAW NAPLES – 7/8 OCTOBER 2014
WHERE WE ARE Extraterritorial Target Financial Services Highly Effective 2
REDUCTION IN OIL EXPORTS TOP ENERGY BUYERS FROM IRAN AND REDUCTIONS (amounts in barrels per day, bpd) Country/Bloc 2011 Average Current Average EUROPEAN UNION (Particularly Italy, Spain and Greece) 600,000Negligible China550,000420,000 Japan325,000210,000 India320,000200,000 South Korea230,000150,000 Turkey200,000120,000 South Africa80,0000 Malaysia55,000Negligible Sri Lanka35,000Negligible Taiwan35,000Negligible Singapore20,000Negligible Other55,000Negligible Total2.5 mbd1.1 mbd 3
EFFECT ON IRANIAN ECONOMY Hard Currency Depletion GDP Decline Currency Decline Inflation Industrial Production 4
WIDESPREAD APPLICATION 5 USA
WIDESPREAD APPLICATION 6 EUROPE
WHAT DO THEY MEAN IN PRACTICE? Trade Prohibitions Operational Interference Unlawful Trading Cover Exclusions 7
WHAT DO THEY MEAN IN PRACTICE? 8
WHAT’S COMING UP IRAN SYRIA RUSSIA/UKRAINE DPRK 9
CONCLUSION Sanctions Are Here To Stay Ignorance2014 – Detailed Knowledge 10
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