New European Union measures against Iran - Council Decision 2012/635 - Updated FAQs

Thursday, 1st November 2012

Further to the FAQs published in respect of Council Regulation 267/2012, which dealt with the prohibitions on the purchase, import and transport of Iranian oil/petroleum products and the insurance related to such activities, the EU Foreign Affairs Council has recently published new prohibitions contained in Council Decision 2012/635.

The new FAQs provide a summary of the Decision’s key provisions that could affect Clubs and Members. The Decision is not binding on private persons and entities until given effect by a EU Regulation. In summary Decision 2012/635 prohibits the import, purchase or transport of Iranian natural gas and the insurance and reinsurance related to such activities. It also prohibits the sale, supply or transfer of certain minerals to Iran and certain naval equipment (to be defined at a later stage) as well as prohibiting the supply of vessels designed for the transport or storage of oil and petrochemical products.