Frequently Asked Questions
On 15 October 2012 the European Union Foreign Affairs Council agreed further measures restricting trade activities with Iran. The Council Decision 2012/635/CFSP will require an implementing Regulation to give effect to the Decision. Any new implementing Regulation is likely to amend the current Iran sanctions Regulation 267/2012. The Group has asked Government officials to comment on the possible timing of a new Regulation, but they were unable to provide advice on a specific timeframe or deadlines. In the meantime the Decision is binding only on the Member States.
The following FAQs outline those provisions that are likely to affect members and Clubs
What is the legal status of Decision 2012/635?
The Decision amends an earlier Decision 2010/413, as amended by Decision 2012/35. At this stage the new Decision is binding on the Member States only. It will become binding on private persons and entities when given effect by implementing Regulation. It is not clear if such Regulation will amend Regulation 267/2012 or whether it will repeal and replace it
What products and services are prohibited by the new Decision?
The Decision introduces new measures and prohibitions that will, if implemented, further restrict trade activities with Iran. In addition to the restrictions that apply now by virtue of Regulation 276/2012, the Decision 2012/635 prohibits:
(a) The import, purchase or transport of Iranian natural gas subject to grace periods for specified contracts up to 15 April 2013 (UK Government officials expect product codes to be agreed by Council and published in an annex to any new implementing Regulation and dates for the execution of contracts to be agreed in such Regulation).
(b) the supply of vessels designed for the transport or storage of oil and petrochemical products to Iranian persons, entities or bodies or any others transporting or storing Iranian oil or petrochemical products;
(c ) financing or financial assistance and insurance and reinsurance and associated broking services related to the import, purchase and transport of Iranian natural gas;
(d) the sale, supply or transfer to Iran of graphite, and raw or semi-finished metals such as aluminium and steel (the Group has asked UK Government officials to ensure the Foreign Affairs Council identify and publish specific product codes and list them in an annex to the implementing Regulation), which are relevant to industries either controlled directly or indirectly by the Iranian Revolutionary Guard Corps (IRGC) or which are relevant to Iran’s nuclear, military and ballistic missile programme. It is prohibited for Member State nationals, vessels or aircraft under the jurisdiction of Member States to transport such products to Iran and for such products to be exported from Member States to Iran. There will be a grace period for the performance of specified contracts up to 15 April 2013.
(e) 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 (UK Government officials have been asked to ensure the Council identify and define specific prohibited items and products and publish them in an annex to any new implementing Regulation);
(f) the sale, supply or transfer to Iran of software for integrating industrial processes relevant to industries controlled directly or indirectly by the IRGC or which is relevant to Iran’s nuclear, military and ballistic missile programme by nationals or from territories of EU Member States or using EU flagged vessels or aircraft.;
(g) It is also prohibited to provide Iran with technical assistance or training and other services, related to the items in paragraphs (d) (e) and (f) above and financing or financial assistance related to their sale, supply or transfer.
(h) with effect from 15 January 2013 the provision by nationals or from the territory of EU member States of ship registration services and ship classification services to Iranian oil tankers and cargo vessels (UK Government officials have been asked to clarify whether such restrictions apply to passenger ships also);
(i) the construction or participation in the construction of new oil tankers for Iran or Iranian persons and entities and the provision of technical assistance or financing and financial assistance related there to; and
(j) EU financial institutions entering into or continuing to participate in transactions with banks domiciled in Iran, including their branches and subsidiaries in EU Member States and elsewhere, and Iranian controlled financial entities (unless authorised in advance by the relevant Member State).
For more information click European Union Measures against Iran – Council Decision 2012/635/CFSP – Frequently Asked Questions 30 October 2012
Source: Britannia P&I Club