Newsflash Export Control Law - Regulation On Restrictive Measures Against Iran, May 2011

Listing of the Europäisch-Iranische Handelsbank (EIH)

On 24 May the Official Journal of the European Union published a Regulation (503/2011) on the Implementation of the Iran Embargo Regulation (961/2010) dated 25 October 2010.

According hereto, Annex VIII of the Iran Embargo Regulation is extended by further persons, organisations and institutions.

Particular emphasis must be given in this connection to the inclusion of the Europäisch-Iranische Handelsbank (EIH), Hamburg.

Over the past few months the EIH has played a central role in the financial processing of legally permissible transactions with Iranian business partners. Through the inclusion of the EIH in Annex VIII, it now falls within the scope of application of Article 16 para. 2 of the Iran Embargo Regulation. Accordingly, all money and economic resources of the EIH are being frozen. The EIH is likewise prohibited from making economic resources available.