Trump Backs US Out of the Iran Nuclear Deal
On Tuesday May 8, 2018, President Trump announced his decision to withdraw the United States from the Joint Comprehensive Plan of Action respecting the multi-lateral agreement on Iran’s nuclear program. Citing evidence that Iran has violated the agreement, the President moved forward in unilaterally pulling the United States out of the deal, contrary to the wishes of European allies who had hoped to negotiate add-ons to the current arrangement. The decision means that sanctions previously in place in 2015 will be fully reinstated.
Compliance practitioners should be mindful of the 90 day and 180 day grace periods for unwinding business transactions involving Iran that will now once again become illegal through the reinstatement of sanctions.