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ARTICLE · 15 FEBRUARY 2016

Canada Relaxes Iran Sanctions - Making It Easier To Do Business With Iran

Dickinson Wright PLLC
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On February 5, 2016, Canada significantly reduced its unilateral economic sanctions against Iran by introducing amendments (Amendments) to the Special Economic Measures (Iran) Regulations (Iran Regulations).

CanadaInternational Law
Brenda Swick
Brenda Swick
Bruce Thelen
Bruce Thelen
Daniel Ujczo
Daniel Ujczo
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On February 5, 2016, Canada significantly reduced its unilateral economic sanctions against Iran by introducing amendments (Amendments) to the Special Economic Measures (Iran) Regulations (Iran Regulations). The relaxation follows the International Atomic Energy Agency's announcement in January that Iran has taken all measures laid out in the Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran's nuclear programme is entirely peaceful in nature.

Canada's announcement follows Bombardier's loss to Airbus, which recently signed two agreements with Iran covering new aircraft orders and a comprehensive civil aviation co-operation package. But, with the liberalization of the Iran sanctions, Canadian companies, including those in the oil and gas services, automotive, agri-food, construction, mining, aerospace, food and consumer products, financial services and technology sectors should be reviewing the emerging opportunities in Iran.

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