EU Introduces New Restrictive Measures in Respect of Iran, Including on the Import of Iranian Natural Gas and Tightens Existing Financial Sanctions in Relation to Iranian Banks

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In light of Iran’s failure to engage in negotiations to address international concerns about its nuclear programme, the EU has adopted additional restrictive measures against Iran. The new measures are set out in Council Decision 2012/635/CFSP of 15 October 2012 (“the Decision”). The Decision 2012/635 is binding upon all Member States. However, at this stage only the asset freeze provisions are binding on EU nationals and entities incorporated under the laws of a Member State.

The remaining measures are likely to be implemented through a review of the existing Iran Sanctions Regulation (EU) No 267/2012.

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Published In: Administrative Agency Updates, General Business Updates, Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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