Comment and analysis by Reed Smith lawyers on the latest developments in the shipping industry
The Council of the European Union has recently published two further Regulations which extend the EU’s sanctions regime against Iran.
Council Implementing Regulation 1016/2012
This Regulation adds the National Iranian Oil Company Nederland (aka NIOC Netherlands Representation Office) to the asset freeze list in Annex IX of Regulation 267/2012.
It came into force on 7…
On 16 October 2012, the EU introduced further restrictive measures against both Iran and Syria. Details of these new measures can be found in the recent Reed Smith Client Alert by Sian Fellows, David Myers, Sarah Rogers, Alexandra Allan and Alexandra Gordon.
The Export Control Organisation (“ECO”) has published a new version of the Iran List. This is a listing of entities and organisations in Iran, published in order to help exporters judge which exports might be of concern for End-Use Control reasons. This will be of relevance when determining whether goods require a UK export licence.…
The Council of the European Union has published Council Implementing Regulation (EU) No.709/2012 (the “Regulation”) concerning restrictive measures against Iran.
The Regulation provides that:
(a) certain persons shall be deleted from the list set out in Annex IX to Regulation (EU) No.267/2012 (i.e. the list which sets out those persons whose funds and economic resources…
On 31 July 2012, President Obama signed an Executive Order Authorizing Additional Sanctions With Respect to Iran. This Order:
(a) authorizes the Secretary of the Treasury to impose financial sanctions on foreign financial institutions found to have knowingly conducted or facilitated certain significant financial transactions with the National Iranian Oil Company (“NIOC”) or Naftiran Intertrade…
The United States Treasury’s Office of Foreign Assets Control (OFAC) has made important shipping-related changes to its Iran sanctions regime. The National Iranian Tanker Company (“NITC”) and many related companies have been added to the list of blocked parties (the “SDN list”), together with several dozen vessels. Several banks with links to Iran and other…
The Council of the European Union has published Council Implementing Regulation 350/2012, which came into force on 24 April 2012. This Regulation amends the asset freeze lists in Regulation 267/2012 by removing one individual and two companies from those lists.
The asset freeze lists continue to be amended on a regular basis. It is, therefore,…
As mentioned in a previous post, the EU has further extended its sanctions against Iran, with the publication of Council Regulation 267/2012 (the “Regulation”), which came into force on 24 March 2012. The Regulation repeals and replaces Regulation 961/2010. As such, many of its provisions simply restate measures which were already in force. However, some…
The Council of the European Union has published Council Regulation (EU) 267/2012, which amends the EU’s sanctions against Iran and repeals Regulation (EU) 961/2010. Further detailed comments on the contents of the new Regulation will follow.
