European Union Measures against Iran-Council Regulation 1263/2012 -Frequency Asked Questions-issued on 1 February 2013

1 February 2013 No.12-026
On 21 December 2012 the European Union Foreign Affairs Council met and amended Council Regulation 267/2012. The new FAQs provide a summary of the key provisions of amending Regulation 1263/2012 that could affect Clubs and Members.

In summary the amendments to Regulation 1263/2012 prohibit the import, purchase or transport of Iranian natural gas and the insurance and reinsurance related to such activities as well as prohibiting the sale, supply or transfer of certain minerals to Iran and certain naval equipment. It also prohibits the supply of vessels designated for the transport or storage of oil and petrochemical products and introduces new measures on Class Societies and Ship Registers, and tighter financial restrictions.

Should Members have any queries regarding this issue, they should contact the Club.