Corporate Partner Discusses Iran Sanctions

BNA's International Trade Daily | August.28.2012

This article, about the impact of recently enacted Iran sanctions that have expanded the exposure risk faced by U.S. companies with foreign affiliates, quotes corporate partner Harry Clark.

Clark, the head of Orrick’s International Trade & Compliance group, states that, “A major development with the new legislation is the establishment of new exposure for U.S. companies in connection with Iran-related activities of their foreign affiliates. It's always been a delicate area, and there have always been bases for a U.S. company to be liable by virtue of Iran-related activity of their foreign affiliates. But the big change is that, following a grace period, the mere fact of owning a non-U.S. company that is involved in activity that is contrary to the embargo can result in penalties for the U.S. company.”