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

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 (IG) has liaised further with the China MSA, and with various ship pollution response organisations (SPROs), Shipowners and other interested parties in order to clarify a number of issues and to work towards ensuring, so far as possible, that there are suitable contractual arrangements in place to permit Members to be able to comply with the Regulations as easily and efficiently as possible.

These frequently asked questions address the topic of hybrid capital and how it relates to UK Club cover