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Financial Sanctions: Iran 25 June 2008

This news release is issued in respect of the financial measures taken against Iran.

The Treasury advises that following publication of Council Decision 2008/475/EC in the Official Journal of the European Union, on 24 June 2008, the Council of the European Union has amended Annex V to Council Regulation (EC) No 423/2007. This EU Regulation was applied and implemented in the Island by means of the European Communities (Iran Sanctions) (Application) Order 2007 and the Iran Sanctions Regulations 2007.

Article 7(2) of Regulation 423/2007 provides for the Council of the European Union to identify persons, not designated by the United Nations Security Council or by the Sanctions Committee established pursuant to paragraph 18 of UN Security Council Regulation 1737 (2006), as subject to the financial sanctions imposed by Regulation 423/2007. Such persons are listed in Annex V to Regulation 423/2007.

Fourteen individuals and thirteen entities have been added to the list of those subject to the financial sanctions imposed by Regulation 423/2007 and the addition of further identifiers for several existing entries. These are set out in the attached Annex to this news release.

The entries added to Annex V include Bank Melli Iran, its branches and subsidiaries. One named subsidiary is Melli Bank plc, a UK-based entity. The asset freeze also applies to Melli Bank plc's Hong Kong branch.

With effect from 25 June 2008, all funds and economic resources belonging to, owned, held or controlled by persons in Annex V to Regulation 423/2007 must be frozen. No funds or economic resources are to be made available, directly or indirectly, to or for the benefit of persons listed in Annex V unless authorised by the Treasury. All financial institutions and other bodies and persons are required to check whether they maintain any accounts or otherwise hold any funds for the individuals and entities named and if so, report their findings to the Sanctions Officer.

The asset freeze in Regulation 423/2007 does not apply to payments due under a contract, agreement or obligation which was concluded before the date of designation if payment is made into a frozen account.

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