On 26 July 2010, the Council of the European Union ("EU") introduced a new regime for economic sanctions against Iran when it adopted Council Decision 2010/413/CFSP and Council Implementing Regulation 668/2010. The new regime implements United Nations (UN) Security Council Resolution 1929 (2010), but it also features accompanying measures which are specific to the EU and go beyond the UN sanctions regime.

The new Iran sanctions regime will apply at least to nationals of EU Member States, the territories of Member States and vessels and aircraft under Member State jurisdiction. While it is not specified in the new Council Decision, the new sanctions measures are also likely to apply to companies registered and/or doing business in a Member State in accordance with the scope of EU jurisdiction established in existing Council Regulation 423/2007 (i.e. the current EU Regulation on Iran sanctions).

Click here for a summary of the important new elements of the EU's new sanctions against Iran.