EU AMENDS IRAN SANCTIONS FOLLOWING NUCLEAR DEAL

Following the Security Council’s unanimous adoption of Resolution 2231 (see previous blog), which endorses the Iranian nuclear deal and provides for its implementation, the EU has amended its sanctions regime on Iran to allow Iran to meet its commitments under the agreement. The amendments allow provision of goods and services to Iran where they are directly related to it modifying its nuclear facilities at Fordow and Arak and exporting enriched uranium in return for natural uranium, in accordance with its obligations under the JCPOA. The amendments also make a general allowance for the competent authorities of member states to authorise, on a case-by-case basis, transfers and activities related to the implementation of nuclear related actions specified in the JCPOA, required to prepare for implementation of the JCPOA more broadly, or determined by the UN Sanctions Committee to be consistent with the objectives of Resolution 2231.

The amendments are made by Council Regulation (EU) 2015/1327 amending Council Regulation (EU) 267/2012 and Council Decision (CFSP) 2015/1336 amending Council Decision 2010/413/CFSP.

The EU has also extended a derogation from its targeted asset freezing measures from 30 June 2015 until 14 January 2016, allowing obligations under contracts involving Iranian crude oil or petroleum products agreed before 23 January 2012 to be met in spite of an asset freeze, provided the transactions are authorised by the competent authority of the relevant Member State in advance on a case-by-case basis.

The extension is set out in Council Regulation (EU) 2015/1328 amending Council Regulation (EU) 267/2012 and Council Decision (CFSP) 2015/1337 amending Council Decision 2010/413/CFSP.

This entry was posted in Iran, Latest EU Measures by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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