Newsletter 151 from October 20, 2010 Risks of Business Relationships with Iran

Newsletter 151 - Risks of Business Relationships with Iran - By means of Resolution 1929 of 9 June 2010, the Security Council of the United Nations (UN) tightened sanctions against the Islamic Republic of Iran. Firstly, the existing sanctions were extended to other sanctioned individuals, organisations and business enterprises. Secondly, trade in certain goods and the provision of certain services were further restricted. The Ordinance on Sanctions against Iran was amended on 18 August 2010 in accordance with the internationally binding provisions of this resolution. - As a consequence of UN Resolution 1929, both the EU and the USA also tightened their sanctions against the Iranian regime. In formulating their new sanctions, both went far beyond the internationally binding provisions of the UN resolution. Hence, legal risks and threats to the reputation of firms that are active in the financial market in Switzerland are also increased.