Iran sanctions update: Further restrictive measures against Iran
We set out below an overview of the most significant further restrictions imposed by the EU Council Decision 2012/635 of 15 October 2012 Regulation 1263/2012. These further restrictions apply in conjunction with the pre-existing restrictions, details of which can be found in our previous updates.
The scope of the pre-existing prohibitions on the sale, supply, transfer or export of key equipment and technology for key sectors of the oil and gas industry in Iran has been expanded by the Amending Regulation through the addition of a further annex (Annex VIA) listing restricted key equipment and technology. Examples of the key equipment and technology listed in Annex VIA include “casing, tubing and drill pipe, of a kind used in drilling for oil or gas” and certain containers for compressed or liquefied gas…
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At the end of November 2013, the P5+1 reached an agreement with Iran to suspend certain EU and US sanctions against Iran in return for a curb on Iran’s nuclear programme.