The EU Foreign Affairs Council recently published new prohibitions contained in Council Decision 2012/635. The full text of that Decision can be viewed in our International Sanctions section. These new FAQs from the International Group provide a summary of the Decision’s key provisions that could affect Members.
Although not binding on private persons and entities until given effect by a EU Regulation, this Decision 2012/635 prohibits the import, purchase or transport of Iranian natural gas and the insurance and reinsurance related to such activities. It also prohibits the sale, supply or transfer of certain minerals to Iran and certain naval equipment (to be defined at a later stage) as well as prohibiting the supply of vessels designed for the transport or storage of oil and petrochemical products.