Iranian Sanctions update

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The publication of the International Atomic Energy Agency's latest report on Iran has prompted a fresh round of sanctions against Iran. Attached to this briefing is an updated table of sanctions targets.

UK Sanctions

The Financial Restrictions (Iran) Order 2011 came into force at 3 p.m. on 21 November. Pursuant to the terms of the Order, all persons operating in the UK financial sector (being credit and financial institutions and branches of such persons, wherever those branches are located), are directed that they must not enter into, or continue to participate in, any transaction or business relationship with any of the following ("designated persons"):

• All banks incorporated in Iran

• All subsidiaries and branches of banks incorporated in Iran, wherever located

• The Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran

The case remains that there is not a trade ban with all Iranian companies, although the UK Government does not encourage such trade.

Please see full alert below for more information.

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Published In: General Business Updates, Elections & Politics 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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