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 23 - Thursday 24 May, 2012
Location: One Drummond Gate, London
Ince & Co partner Chris Kidd is speaking on “Managing conflicts and disputes”. He is also chairing and moderating some sessions.
Date: Wednesday 23 - Friday 25 May, 2012
Location: London
Ince & Co partner Fionna Gavin will be speaking during the morning of the third day on “Tanker Charterparties - time and voyage”. Which will cover the differences in, and justifications for, tanker chartering.
Date: Thursday 24 May, 2012
Location: London
Ince & Co partner Faz Peermohamed will be speaking during day one of the conference on “Shipping: The Titanic, Prestige, Costa & Pirates”.
Date: Tuesday 29 - Wednesday 30 May, 2012
Location: Cowes, English Channel, Isle of Wight, Solent
Ince & Co will be taking part in the Lutine Lineslip Regatta, a Lloyds Yacht Club Event for the Insurance Industry, in May 2012.
Date: Tuesday 29 May, 2012
Location: British Consulate, Hong Kong
Ince & Co partner Denys Hickey will be speaking at the forum on “Contractual challenges in the LNG distribution supply chain”. The session will cover balancing long term security and flexibility in contracts and identifying and mitigating risks in LNG supply contracts.