On 23 March 2012, the Council of the European Union (EU) adopted Regulation 267/201 which implements the additional restrictions agreed by the Council on 23 January 2012, clarifies certain existing implementing provisions and consolidates all implementing provisions by replacing the previous Iran Sanctions Implementing Regulation 961/2010. The Council further amended Regulation 359/2011 specifically targeting internal repression by introducing new restrictions on the sale, supply, transport or export of telecommunications monitoring equipment for use by the Iranian regime, to add more persons to the asset freeze list, and now including measures preventing the supply of equipment that might be used for internal repression (previously included in the Iran Sanctions Implementing Regulation but no longer included in the new Regulation 267/2012). The list of competent authorities of the Member States has also been updated.
The restrictions imposed by the Council on 23 January 2012 included an oil and petrochemicals embargo, additional sanctions imposed on precious metals, diamonds and key equipment and technology for the petrochemical sector, the expansion of the list of dual-use items whose supply, sale or transfer is prohibited, the prohibition of delivering Iranian denominated banknotes and coins to the Central Bank of Iran, and an extension of the asset freeze list. Regulation 267/2012 clarifies the scope of a number of those restrictions, e.g. defining petrochemicals and banned petrochemical technology.
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