Iran and Syria - Sanctions Update

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The latest sanctions against Iran have been much publicized and are set against a backdrop of Iranian officials threatening to escalate the situation further by blocking the Strait of Hormuz.

This alert focuses on the key developments and also provides an update on the sanctions against Syria.

Iran - EU Sanctions

Council Decision 2012/35/CFSP was adopted on 23 January 2012. It makes numerous amendments to Council Decision 2010/413/CFSP, including the insertion of Articles 3a and 3b, which read:

Article 3a

1. The import, purchase or transport of Iranian crude oil and petroleum products shall be prohibited. The Union shall take the necessary measures in order to determine the relevant items to be covered by this provision.

2. It shall be prohibited to provide, directly or indirectly, financing or financial assistance, including financial derivatives, as well as insurance and reinsurance, related to the import, purchase, or transport of Iranian crude oil and petroleum products.

Article 3b

1. The import, purchase or transport of Iranian petrochemical products shall be prohibited

Please see full Alert below for further information.

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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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