Iran Sanctions Update: New Restrictive Measures In The UK And EU

FINANCIAL RESTRICTIONS (IRAN) ORDER 2012

Under the Financial Restrictions (Iran) Order 2012 of 21 November 2012, no UK bank may have dealings with an Iranian bank subject to a number of exceptions where licences will allow payment to be received. One of those exceptions relates to humanitarian and medical goods. A UK bank may legitimately receive payment from an Iranian bank not listed on the asset freeze list in relation to exempt goods but in practice it will be difficult to find a UK bank willing to do so.

COUNCIL REGULATION (EU) 1264/2012

One further individual and 18 additional entities were added to the list of persons and entities which are subject to the asset freeze on 21st December 2012. 2 entities have been deleted from the asset freeze list. Further details are available upon request.