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Sanctions and Export Control - Iran 8 March 2013

The Treasury advises businesses in the Island that the provisions of 3 EU Regulations came into operation in the Island with effect from 31 January 2013 making various changes to, and generally tightening, measures targeting Iran.

Sanctions Notice 24, which is available on the Customs and Excise website has been updated to reflect changes made by the following Regulations -

  • Council Regulation (EU) No 1245/2012
  • Council Regulation (EU) No 1263/2012
  • Council Regulation (EU) No 1264/2012

Changes have been made, in particular, to the requirements applying to the transfers of funds to and from Iran, Iranian persons and entities and Iranian financial and credit institutions. Details of the revised requirements are contained in Part 2 of Sanctions Notice 24.

The Financial Restrictions (Iran) Order 2012 [SD 0717/12], which formerly had imposed restrictions on transactions and business relationships between persons engaged in financial activities in the Island and Iranian banks, was revoked with effect from 27 February 2013. These restrictions have been superseded by provisions now contained in EU Regulations.

On 12 March 2013, the Export Control (Iran Sanctions) (Amendment) Order 2013 (Application) Order 2013 comes into operation, with amendments being made to the Export Control (Iran Sanctions) Order 2012. The amendments provide for the enforcement of new trade sanctions introduced by Council Regulation (EU) No 1263/2012. The new sanctions include prohibitions on trade, technical assistance, financing and financial assistance or brokering of key naval equipment and technology, software for integrating industrial processes, graphite and certain specified raw or semi-finished metals, and a ban on the trade in natural gas originating in Iran.

For further information contact Customs and Excise.

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