What Happened to Iran Sanctions?

Posted on Posted in Business Guidelines

What sanctions have now been lifted?
EU and UN nuclear-related economic and financial sanctions have now been terminated. This includes the delisting of many UN and EU entities and individuals. US secondary legislation imposing nuclear-related economic sanctions have also been suspended.

The major sectors that will be affected by this initial phase of sanctions relief include:

Financial, Banking and Insurance
Oil, Gas and Petrochemicals
Shipping, Shipbuilding and Transport
Gold and other Precious Metals
Banknotes and Coinage

What sanctions remain in place?
The following activities remain banned under the proliferation-related sanctions:

The sale, supply, transfer or export to Iran, of all military goods and technology as listed in the UK Military List
The sale, supply, transfer or export of missile-related goods and technology as listed in Annex III of Council Regulation (EU) 267/2012
The provision of technical assistance, brokering services and financial assistance related to the above
The import from Iran of military and missile-related goods and technology
Investment in Iranian enterprises engaged in manufacture of military goods, and a ban on investment by an Iranian person in a commercial activity related to production or use of missile-related goods
The following is prohibited under the sanctions imposed in view of the human rights situation in Iran as set out in Council Regulation (EU) 264/2012:

The sale, supply, transfer or export of equipment which might be used for internal repression as listed in Annex III of Council Regulation (EU) 264/2012
The provision of technical assistance, brokering services and financial assistance related to the above
In addition, restrictive measures remain in place against individuals and entities who remain listed in Council Regulation 267/2012 and in Council Regulation 264/2012, as well as under EU terrorism and other EU sanctions regimes.

Primary US sanctions, including the US trade embargo will remain in force. This will in particular restrict US entities from engaging in bilateral trade.

Detailed information on the phasing of sanctions relief can be found in Annex II and Annex V of the JCPoA.

UK businesses should ensure they are compliant with all remaining sanctions regimes. A list of the current sanctions is available. It is important to conduct due diligence and ensure compliance with sanctions regimes before signing business contracts, as with any market.

Leave a Reply

Your email address will not be published. Required fields are marked *