FREQUENTLY ASKED QUESTIONS ("FAQs") REGARDING ENFORCEMENT AGAINST FOREIGN PERSONS OF U.S.

On 15 October 2012 the European Union Foreign Affairs Council agreed further measures restricting trade activities with Iran.

The EU Foreign Affairs Council recently published new prohibitions contained in Council Decision 2012/635.

New European Union Measures against Iran - Council Regulation 267/2012 dated 23 March 2012 - Frequently Asked Questions - Updated on 14th August 2012.

An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria.

Updated FAQs have been issued by the International Group following discussions with the UK Treasury.

The attached FAQs issued by the International Group of P&I Clubs address the the legal Status of EU Council Regulation 267/2012; the effect of the "grace periods"; and the impact on the cover provided by clubs.

The International Group's Sanctions Working group has developed an initial series of FAQs in relation to the recently announced EU additional measures against Iran contained in the Council Decision of 23 January 2012.