The business delegation from Hessen is visiting the Islamic Republic of Iran in Teheran starting tomorrow. GvW Managing Partner Christof Kleinmann from the Frankfurt is also in the delegation.
Under the lead of the Minister for Economics in Hessia Tarek Al-Wazir, companies from Hessia will have the possibility of meeting political and business decision makers in Teheran. The exchange also serves as a platform for informing investors from Iran about the State of Hessia as a location for investments in Germany.
On 16 January 2016, the so-called Implementation Day, the economic sanctions imposed on Iran were substantially loosened. Many restrictions in trading with Iran were lifted; however, the sanctions continue for some goods, e.g. for dual-use items.
“One reason for the reluctance of many companies to do business in Iran involves above all the US sanctions which still apply”, said Dr Lothar Harings, group practice head at GvW in the area of customs and foreign trade. “Many banks are not yet engaging in transactions which are permitted under the EU law on sanctions. The US sanctions accordingly have a strong limiting effect as a matter of fact. However, each company is well advised to examine whether it is legally bound by US sanctions.”
GvW has advised many corporate groups and companies on issues involving the Iran embargo in past years. Properly dealing with the economic sanctions continues to be one of the main aspects when providing advice, even after the sanctions have been eased. The foreign trade and customs team at the law firm is the largest, specialized practice in Germany and is one of the two “market leading” foreign trade law teams according to the JUVE hand book for Commercial Law Firms 2015.