EU defines scope of expanded Iran sanctions, including new natural gas, metals and vessels/tankers bans | White & Case LLP International Law Firm, Global Law Practice
EU defines scope of expanded Iran sanctions, including new natural gas, metals and vessels/tankers bans

EU defines scope of expanded Iran sanctions, including new natural gas, metals and vessels/tankers bans

On 21 December 2012, the Council of the European Union (EU) adopted the EU-wide legislation clarifying important details of the expanded sanctions measures already agreed by the Council in broad terms on 15 October 2012.[1] Regulation 1263/2012[2] amends the existing Iran Sanctions Regulation (Regulation 267/2012)[3] by introducing new sanctions elements into it. Through a separate regulation adopted on the same day, Implementing Regulation 1264/2012,[4] the Council has also added more persons to the asset freeze list of the Iran Sanctions Regulation.

The general outline of new Iran sanctions measures established on 15 October 2012 results in a significant expansion of the EU’s sanctions regime against Iran. Our previous alert from 17 October 2012 provides a full list of these new sanctions elements, the most important being:

(1) a tightened ban on most EU bank transactions involving Iranian and Iranian-owned banks;

(2) a new ban on EU import, purchase and transport of Iranian natural gas (along with related financing and financial assistance);

(3) a new ban on EU sale, supply or transfer of certain materials (including graphite and raw or semi-finished metals such as steel and aluminium) and certain industrial processing software to Iran (along with related technical or financial assistance);

(4) new restrictions relating to EU involvement in construction, service and supply of cargo vessels and oil tankers; and

(5) a broadened ban on EU supply of key equipment and technology for the Iranian oil, gas and petrochemical industries.

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[1] - Commission Decision 2012/635/CFSP of 15 October 2012 amending Decision 2010/413/CFSP concerning restrictive measures against Iran, [2012] OJ L 282/58.
[2] - Council Regulation (EU) No 1263/2012 of 21 December 2012 amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran, [2012] OJ L 356/34.
[3] - Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010, [2012] OJ L 88/1, as amended (latest consolidated version, not reflecting changes introduced by recent Regulation 945/2012, Regulation 1016/2012Regulation 1067/2012 and a corrigendum in addition to the amendments described herein.
[4] - Council Implementing Regulation (EU) No 1264/2012 of 21 December 2012 implementing Regulation (EU) No 267/2012 concerning restrictive measures against Iran, [2012] OJ L 356/55.

 

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