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Date: 5 December 2011

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Competition, EU & Trade: European Council announces new sanctions against Iran and Syria

This briefing may be relevant to you if you have business activities involving Iranian or Syrian nationals and entities.

The Council of the European Union has adopted two new Regulations that impose further sanctions against Iran (Regulation (EU) No 1245/2011) and Syria (Regulation (EU) No 1244/2011).

Iran

The Council has added 37 people and 143 entities that are involved in nuclear or ballistic missile activities in the Islamic Revolutionary Guard Corporations and in the Islamic Republic of Iran Shipping Lines to the list of individuals and entities subject to travel bans and asset freezes established by Regulation (EU) No 961/2010. The new sanctions do not alter the guidance provided for by Article 14 of Regulation  961/2010 in relation to transactions required on the basis of agreements or contracts concluded before 26 July 2010.

Syria

In view of the gravity of the situation and to increase pressure on its regime, the Council decided to apply the restrictive measures adopted by Regulation (EU) 442/2011, which impose an arms embargo and the freezing of funds and economic resources, to an additional number of 12 people and 11 entities.

Companies are advised to update their compliance systems so as to include the additional individuals and entities in order to not violate the new sanctions which came into force on Friday.

The Council is also working towards imposing a ban on importing Iranian oil which may be decided formally in the next meeting of the Council in January.

 

Contact us

Vasiliki Avgoustidi

Associate Director, Competition, EU & Trade vasiliki.avgoustidi@blplaw.com