News

18 October 2010
News

Risks in business dealings with Iran

With the adoption of Resolution 1929 on 9 June 2010, the United Nations imposed additional sanctions on the Islamic Republic of Iran. On the one hand, the existing sanctions were expanded to include other sanctioned persons, organisations and companies. On the other hand, further restrictions were placed on trading in specific goods and rendering of certain services. On 18 August 2010, the Ordinance on Measures Against Iran was adapted in line with the provisions of the Resolution under international law.

As a result of the UN resolution, the EU and the U.S. also tightened their sanctions against the Iranian regime. However, in fleshing out the new sanctions the two went far beyond the binding provisions of the UN resolution. As a consequence, the legal and reputational risks of companies operating in the Swiss financial market were also heightened.