• Home
  • News
  • Six month Suspension of certain European Union restrictive measures against Iran by virtue of the EU Council Decision (CFSP) 2015/1148 of the 14th of July 2015.

Six month Suspension of certain European Union restrictive measures against Iran by virtue of the EU Council Decision (CFSP) 2015/1148 of the 14th of July 2015.

The EU Council Decision (CFSP) 2015/1148 of the 14th of July 2015 amended the EU Council Decision 2010/413/CFSP concerning restrictive measures against Iran.

By virtue of the above decision, the following prohibitions have been suspended until the 14th January 2016:

  • The prohibition of the  transportation of Iranian crude oil;
  • The prohibition of the  provision of insurance and reinsurance relating to the import, purchase and transportation of Iranian crude oil;
  • The prohibition of the  import, purchase or transportation of Iranian petrochemical products;
  • The prohibition of the  provision of insurance and reinsurance relating to the import, purchase and transportation of Iranian petrochemical products;
  • The prohibition of the  transportation of gold and precious metals;
  • The prohibition to supply vessels designed for the transport or storage of oil and petrochemical  products to Iranian persons, entities or bodies;
  • The prohibition to supply vessels designed for the transport or storage of oil and petrochemical  products to any person, entity or body for the transport or storage of Iranian oil and petrochemical products;
  • The freezing of funds as set out in Article (20) (1) (b) and (c ) and in Article 20 (2) of EU Council Decision 2010/413/CFSP, as amended relating only to the Ministry of Petroleum listed in Annex II of the said Decision, shall be suspended until the 14th January 2016, insofar as necessary for the execution , until 14 January 2016, of contracts for the import or purchase of Iranian petrochemical products.

EU Ship registries, including the Cyprus Department of Merchant Shipping and the Maltese Ship Registry have notified persons flying their flags, ship managers and operators , through Circulars and Notices issued by the relevant departments,  with regards to the above,  but have also cautioned them to abide with restrictive measures/ sanctions which are still in place and to always consult their insurance providers prior to engaging in any new activity.