Further sanctions on Iran - Update
Thursday 26 January, 2012
EU foreign ministers agreed at a meeting on Monday 23 January to impose further sanctions on Iran with a particular focus on Iranian oil. The EU Decision, published as Council Decision 2012/35/CFSP of 23 January 2012, contains a range of measures including:
1. A ban on the import, purchase or transport of Iranian oil, petroleum products and petrochemical products, as well as a ban on the provision of insurance related to any of those activities;
2. A ban on the sale, supply or transfer of key equipment and technology to the Iranian petrochemical industry;
3. A ban on the provision of precious metals and banknotes to the Iranian government and the Central Bank of Iran; and
4. An expansion of the list of persons/entities subject to the existing asset freeze.
Council Implementing Regulation (EU) No 54/2012 was also agreed on 23 January 2012 and puts into effect the asset freezes contained in the Decision.
These new prohibitions represent a serious escalation of the EU's sanctions against Iran.
To read more on the above and other issues emerging from recent changes to international sanctions legislation, please view our Update.
If you wish to discuss any of the matters raised in this Update, or sanctions issues generally, please do not hesitate to contact Michelle Linderman (pictured) or another member of our sanctions team.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Hilton London Tower Bridge Hotel
Ince & Co partner Carol Searle and consultant Tony George are speaking at the Insuring Export Credit & Political Risk conference.
Date: Wednesday 29 - Thursday 01 March, 2012
Location: Prospero House
Ince & Co partner Daniel Jones will be speaking during the spotlight session on “The Yacht Refit – Insurance Issues”. The session will examine what happens when the yacht goes into refit, the new standard form contract, insurance obligations, common terms, ship repairs legal liability insurance and the waiver of subrogation requirements.
Date: Tuesday 06 - Wednesday 07 March, 2012
Location: London
Ince & Co Partner Stephen Askins will be speaking at the Chemical and Product Tankers conference on Piracy.
Date: Wednesday 25 - Thursday 26 April, 2012
Location: Marriott Hotel, Copenhagen
Ince & Co partners Michael Stockwood, Kevin Cooper, Stephen Marais and Vincent Xu are hosting a one day pre-conference workshop on “Key strategies to achieving a consensual agreement maximising the benefits for both banks and owners”. The workshop will explore three key themes; restructuring shipping loans, enforcement, and issues relating to Chinese finance and involvement with Chinese shipyards.
Date: Wednesday 25 April, 2012
Location: The Intrepid Sea, Air & Space Museum, New York, USA
Ince & Co consultant, Tim Scorer will be chairing the AViCON conference. AViCON is a
bi-annual conference on aviation industry accident investigation, and conflict and claim resolution. Delegates will have the opportunity to listen to discussions led by legal and insurance experts to explore considerations and complexities of the case from accident investigation to legal discovery, multi-party litigation, and resolution. Delegates will gain a fuller understanding of the entire range of complexities involved in aviation safety.