Iran Sanctions - EU Council Regulation 267/2012 (5.455)

This circular explains how EU Council Regulation 267/2012 affects the carriage of crude oil, petroleum products and certain bunkers of Iranian origin from 1 July 2012, and the impact on P&I cover.

London P&I sets out the trade and insurance prohibitions, explains when sanctions cover exclusions may apply, and highlights the need for alternative insurance arrangements where voyages can lawfully continue.