Iran Sanctions - Updated FAQs (29 January 2012) on EU Regulation 1263/2012

1 February 2013

Members will recall our recent News Alert dated 19th October 2012 reporting on new proposed EU measures targeting Iran. These measures have now been implemented by EU Regulation 1263/2012 published on 21 December 2012.

To assist Members in their understanding of the EU prohibitions and their effect on P&I insurance and Ship Owners, the International Group has published FAQs which can be accessed by clicking here.

The FAQs outline those provisions in EU Regulation 1263/2012 that are likely to affect Members and Clubs. In broad terms, in addition to the existing measures the new measures introduce:

1. A ban on the transport of natural gas (and the insurance of such transport) into the European Union which originates in Iran or has been exported from Iran.

2. A ban on the transfer of graphite, and raw or semi finished metals such as aluminum and steel to any Iranian entity or for use in Iran.

3. In addition to the existing ban on the transport of Iranian crude oil and petroleum/petrochemical products, a ban on the supply of vessels to any person, entity or body for the transport or storage of Iranian oil and petrochemical products and a ban on the supply of vessels for the transport or storage of oil and petrochemical products to Iranian persons, entities and bodies.

These FAQs should be read in conjunction with the previous FAQs issued by the International Group dated 10 February 2012, 29 March 2012, 25 May 2012, 14 August 2012, and 2 November 2012 all of which are available on the International Group website - subsection "news and information".