Last week saw the Council of the EU strengthen its position on
Iran in the wake of similar US measures over the summer. Of
particular note for the insurance market is the move to broaden the
export ban in relation to oil, gas and petrochemicals.
The Council's Decision
Further to Council Decisions in January and March of 2012, on 16
October 2012, the Official Journal of the European Union published
Council Decision 2012/635/CFSP. This has not yet been implemented
but amends an earlier 2010 Decision concerning restrictive measures
against Iran as outlined below.
Also published in the Official Journal was Council Implementing
Regulation 945/2012, which extends the current asset freezing
regime to a further 34 Iranian persons and entities. The Regulation
is directly applicable in Member States and therefore effective
from 16 October 2012.
