Iran Sanctions - EU Regulation 1263/2012

A new European Union Council regulation, Regulation (EU) 1263/2012, was published on 21 December 2012. This implements Council Decision 2012/635/CFSP of 15 October 2012 and in so doing amends the existing Regulation (EU) 267/2012 concerning restrictive measures against Iran.

The measures contained in Council Decision 2012/635/CFSP cover the following principal areas:

• Prohibition of the purchase, transport, or import into the Union natural gas which originates in Iran or has been exported from Iran;
• Prohibition of the sale, supply or transfer to Iran of graphite, and raw or semi-finished metals such as aluminium and steel, and software for integrating industrial processes, which is relevant to industries either controlled by the Iranian government or relevant to Iran’s nuclear programme.
• Prohibition of the sale, supply or transfer to Iran and Iranian or Iranian-owned enterprises of key naval equipment and technology for ship building, maintenance or refit.
• Prohibition of the provision of flagging and classification services to Iranian oil tankers and cargo vessels.
• Prohibition of the supply of vessels designed for the transport or storage of oil and petrochemical products to Iranian persons, entities or bodies (or others transporting or storing Iranian oil or petrochemical products).
• Prohibition of the construction of new oil tankers for Iran or for Iranian persons or entities.
• Prohibition of transactions between EU banks and Iranian banks and financial institutions unless authorised in advance by the relevant member State.

The International Group of P&I Clubs has produced answers to frequently asked questions that give an overview of the sanctions. These were updated on 1 November 2012 to include the measures contained in Council Decision 2012/635/CFSP and may be read here.