ARTICLE · 01 NOVEMBER 2010

Sanctions Against Iran – EU Regulation 961/2010

Barlow Lyde & Gilbert LLP

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A new European Union Regulation, in force throughout the EU from 27 October, imposes enhanced restrictions on the dealings of EU citizens and companies with Iran/Iranian companies and entities.

United KingdomInternational Law

Tim Taylor

Lyall Hickson

Jennifer Salmon

Chris Zavos

A new European Union Regulation, in force throughout the EU from 27 October, imposes enhanced restrictions on the dealings of EU citizens and companies with Iran/Iranian companies and entities. The Regulation replaces EU Regulation 423/2007 and stands alongside the existing US, UN and various national sanctions against Iran and the existing anti-terror and anti-money laundering legislation.

We set out below some of the measures introduced by Regulation 961/2010.

Oil and gas

The following activities are generally prohibited:

The sale, supply, transport or export of certain key equipment or technology for key sectors of the oil and gas industry in Iran, directly or indirectly, to any Iranian person, entity or body or for use in Iran (Article 8).

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