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Council Regulation (EU) 267/2012 of 23rd March 2012 ("EU Regulation") replaces the existing Council Regulation (EU) 961/2010.

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.

The US-Iran conflict has created a compound shock for global businesses through volatile commodity prices, disrupted logistics, and sanctions compliance costs.

Coordinated U.S.-Israel strikes on Iranian assets on February 28, 2026, triggered a rapid escalation in the Gulf region, creating one of the most severe recent shocks to global energy security. How will Iran's retaliation and heightened risks around the Strait of Hormuz impact international markets and geopolitical stability?

The present case concerned a collision in the Suez Canal in July 2018 between three vessels, PANAMAX ALEXANDER, SAKIZAYA KALON and OSIOS DAVID, the first of which had been on route to Iran.

On 26 July 2010, the Council of the European Union ("EU") introduced a new regime for economic sanctions against Iran when it adopted Council Decision 2010/413/CFSP and Council Implementing Regulation 668/2010.

On 15 October 2012, further restrictive measures were announced by the EU against Iran.

Despite huge hydrocarbons reserves, Iran is likely to face significant energy challenges over the next few years.

It has now been two years since Iran-related sanctions relief took effect under the Joint Comprehensive Plan of Action.

On 25 October 2010, the European Council adopted a wide-ranging package of sanctions on Iran, with prohibitions affecting the energy, insurance, transport and financial sectors.

Eventually, after 12 years of imposing sanctions against Iran by governments and international organizations, in January 14, 2016, all banking, petroleum, insurance etc. sanctions have been lifted.