The EU’s formal Regulation implementing the enhanced sanctions against Iran proposed in January this year has now been issued.
The position of shipowners in respect of the ban on transport of Iranian crude, petroleum products and petro-chemical products is largely unchanged from the EU Decision of 23 January. However, the position of insurers and reinsurers has been relaxed somewhat in response to strong lobbying from the International Group of P&I Clubs (IG) over the past two months.
The new Regulation - No. 267/2012 of 23 March 2012 - has immediate effect and is binding on individuals and companies located within the EU, and worldwide on individuals of EU nationality and companies incorporated or registered in EU.
The Club issued a more detailed commentary on the Regulation earlier this week which includes the full text of the Regulation.
An updated flowchart giving guidance on compliance with sanctions has also now been published.
Members are advised to ensure they have read the advice contained in the linked pages and to consult with their lawyers if uncertain as to whether they may lawfully perform an intended voyage or trade.
Any detailed enquiries regarding these sanctions and the operation of the Club or the cover it provides, please contact Nigel Carden (Tel: +44 20 7204 2147; Email: firstname.lastname@example.org)