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Ban On The Import, Purchase And Transport Of Iranian Crude Oil
And Petroleum Products – Including Financing And
Insuring, Directly Or Indirectly. However:
Contracts Already Concluded May Be Executed Until
1st July 2012;
Contracts Already Concluded Which Call For Iranian Crude Oil
And Petroleum Products To Be Supplied For Reimbursement Of
Outstanding Amounts May Be Executed – Including After
1st July 2012; And
A Review Of The Measures Will Take Place Before 1st
May 2012.
Ban On The Import, Purchase And Transport Of Iranian
Petrochemical Products – Including Financing And
Insuring, Directly Or Indirectly. However:
Contracts Already Concluded May Be Executed Until
1st May 2012;
Contracts Already Concluded Which Call For Iranian
Petrochemical Products To Be Supplied For Reimbursement Of
Outstanding Amounts May Be Executed – Including After
1st May 2012;
Ban On The Sale, Supply Or Transfer Of Key Equipment And
Technology For The Petrochemical Industry In Iran Or To Iranian Or
Iranian Owned Enterprises Outside Iran – Including
Technical Assistance Or Training And Other Related Services, Or
Financing Related To It. However:
Contracts Already Concluded For The Sale, Supply, Or Transfer
Of Such Equipment May Be Executed.
Ban On New Investments In Petrochemical Companies In Iran And
Related Joint Ventures. However:
Obligations Prior To 26 July 2010 May Be Executed.
Additional Asset Freeze On 3 Individuals And 8 Entities
(Including Bank Tejarat And Tidewater Middle East Company).
However:
For A Period Of 2 Months From 24th January 2012,
Payments To And From Bank Tejarat May Be Authorised On A Case By
Case Basis By Member States So Long As The Payment Is Not Received
Directly Or Indirectly By An Entity Subject To The Asset
Freeze.
Assets Of The Central Bank Of Iran In The EU Are Frozen.
However:
Transfers May Be Authorised On A Case By Case Basis By Member
States For Specific Trade Contracts So Long As No Other Sanctioned
Bank Is Involved And No Person Or Entity Subject To The Asset
Freeze Will Receive The Monies.
Ban On Direct Or Indirect Sale, Purchase, Transportation Or
Brokering Of Gold, Diamonds And Other Precious Metals To, From Or
For Iranian Public Bodies And The Central Bank Of Iran;
Note On Tidewater Middle East Company
("Tidewater")
This Entity Must Not Be Confused With A US Entity With A Similar
Name. Tidewater Is Subject To An Asset Freeze And Is Reported To
Have Operations At Seven Of The Main Ports In Iran, Namely (I) The
Shahid Rajaee Container Terminal At Bandar Abbas, (Ii) Bandar Imam
Khomeini Grain Terminal, (Iii) Bandar Anzali, (Iv) One Terminal At
Khorramshahr Port, (V) Assaluyeh Port, (Vi) Aprin Port And (Vii)
Amir Abad Port Complex. The Asset Freeze States "No Funds
Or Economic Resources Shall Be Made Available, Directly Or
Indirectly, To Or For The Benefit Of [Tidewater]....."
This Means That Any EU Entity Or Individual Involved
"Directly Or Indirectly" In A Payment To
Tidewater Is Potentially In Breach Of The EU Sanctions. This Will
Include Payment Of Port Dues.
The Oil Embargo
The EU Crude Oil Ban Mainly Impacts Greece, Italy And Spain, The
Only EU Members Who Import Iranian Oil (Although EU Traders Are
Also Impacted) But In Fact This Ban Will Not Take Effect Until
1st July.
Subject To Other Factors, We Expect To See A Decrease In The
Price Of Iranian Oil. This Emanates Not Only From The EU Ban But
More Likely As A Result Of Pressure Being Placed By The US On Other
Buyers Of Iranian Oil To Cease Doing So. The US Has Had Mixed
Success To Date. However, We May See A Shift In Approach With The
US Facing Reality That They Cannot Force The Likes Of China And
India To Cease Buying Iranian Oil. The US May Instead Request That
Those Who Buy Iranian Oil Insist On Steep Discounts, In An Attempt
To Damage The Iranian Economy.
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On 1 January 2011, the ICC’s Incoterms 2010 come into force. These are the eighth revision of the Incoterm Rules, with the last revision dating back to 2000.
The Incoterms rules are internationally recognised standardised terms reflecting business practice in the allocation of tasks, costs and risks in international sales contracts. The ICC has just published the latest version of these rules, Incoterms 2010.
On 31 January 2013, the Financial Restrictions (Iran) Order 2012 (the "2012 Order") (which replicated and replaced the Financial Restrictions (Iran) Order 2011) was revoked.
For corporate and financial services clients on both sides of the Atlantic, trade compliance represents a major compliance challenge.
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