Circular (UW) 09/2012 Iran Sanctions - EU Council Regulation 267/2012-Exports of crede oil and petroleum products from Iran - prohibitions with effect from 1 July 2012


There has been some peculation in the midia of a possible deferreal of the implementation date for the prohibitions, the Council of the European Union issued a press release on 25 June confirming that the exemptions relating to pre-23 January 2012 contracts for importing and Iranian oil by EU regulated insurers will cease and such activities will be prohibited (as provided for under the Regulations) with effect from 1 July 2012.

Circular (UW) 05/2012 EU Council Regulation 267 confirms sanctions on Iran oil transport


The EU Council has now agreed a Regulation to implement enhanced sanctions against Iran, including a ban on transport of Iranian crude, petroleum products and petro-chemical products, as was expected in the light of the EU Decision of 23 January.


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