The effects of sanctions imposed against Iranian entities by the
US, the UN, the EU and the UK are already extensive. They are set
to become even more far reaching following a number of recent
developments during June and July 2010.
On 9 June 2010, the UN Security Council passed Resolution No
1929 (2010), imposing further UN sanctions on Iranian entities. On
10 June 2010, the UK responded by including individuals and
entities targeted by the UN Resolution within its own sanctions
regime.
On 1 July 2010, President Obama signed the Iran Sanctions,
Accountability & Investment Act of 2010, HR 2194 ("the US
Act"). This retains and expands the sanctions already imposed
by the US and is specifically intended to increase their
extra-territorial effect and their impact on non-US persons. The US
Act took immediate effect and the new sanctions will be imposed on
activities taking place on or after 1 July 2010. Activities already
underway at that date may also be caught.
