Court adopts wide interpretation of EU restrictive measures against Iran
EU and other countries laws are in a state of flux The EU implementing Regulation following the EU Council Decision of 23 January 2012 is still awaited. It is likely to have wide ranging effect and will address the imposition of a ban on the import, purchase or transport of Iranian crude oil and petroleum and petrochemical products. It is also likely to prohibit the provision, directly or indirectly of finance, insurance or reinsurance related to such import, purchase or transport.There has been widespread press comment upon the implications for non-EU tanker owners and third parties if such a ban is imposed. In line with other EU laws it is probable that it will prohibit the participation, knowingly or intentionally in activities the object or effect of which is to circumvent the above prohibitions. A recent EU court judgment has demonstrated that the court is likely to adopt a wide interpretation of restrictive measures imposed against Iran or other states.On 18 February 2012 a judgment by the European Court was issued in relation to an earlier Regulation imposing restrictive measures against Iran to prevent nuclear proliferation (Regulation 423/2007). That Regulation entered into force in April 2007. Since then further Regulations ...
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