Farhad Alavi, principal of Akrivis Law Group and editor of this blog, was quoted in an article in Thursday’s Financial Times. In this article, titled “West increases penalties for business with Iran” (a similar article was also published with the headline “Iran faces tighter sanctions”), Mr. Alavi is quoted as discussing the impact of the latest sanctions brought into effect under the U.S. National Defense Authorization Act of 2013 (2013 NDAA). The 2013 NDAA places significant restrictions on parties engaging in certain transactions against Iran, particularly in the shipping, shipbuilding, and energy sectors of that country. These sanctions came into effect earlier this month. This article highlights the challenges that this new law will bring about in Dubai, UAE which has traditionally been a large reexport hub for Iran.
The Financial Times is one of the world’s leading dailies, published out of London and circulated internationally. The article can be read here.