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EC tightens rules
on trading with Iran
The European Commission has introduced new restrictions on doing
business with Iran
Adecision on restrictive measures
against Iran was approved
by the European Commission
Council on 26 July 2010. The decision
1 has been published in the
Official Journal (Official Journal L-
195/2010), together with a Council
Implementing Regulation 2 .It
entered into force on the date of
publication.
These measures comprise, in
particular, additional restrictions on:
● Trade in dual-use goods and
technology,
● Trade in equipment which might
be used for internal repression,
● Trade in key equipment and
technology for, and investment
in, the Iranian oil and gas industry,
● Iranian investment in the
uranium mining and nuclear
industry,
● Transfer of funds to and from
Iran,
● The Iranian bank sector,
● Iran’s access to the insurance and
bonds markets of the Union,
● Providing certain services to Iranian
ships and cargo aircraft.
The decision also provides for
additional categories of persons to
be made subject to the freezing of
funds and economic resources, and
certain other technical amendments
to existing measures.
In addition, on 31 August the
Commission adopted a proposal for a
council regulation 3 .
Technology
This proposed regulation, in particular,
lists the goods and technology,
equipment and services that are
concerned by the above mentioned
restrictive measures. All funds and
economic resources belonging to,
owned, held or controlled by specific
persons, entities and bodies would
be frozen.
The proposed regulation lists
these persons, entities and bodies.
It also lays down detailed rules
concerning the transfer of funds and
financial services.
The proposed regulation
provides that all goods brought into
or leaving the customs territory of
the Union from or to Iran would be
made subject to pre-arrival or predeparture
information to be submitted
to the competent customs
authorities of the member state
concerned, in accordance with the
rules laid down in the Community
Customs Code.
Furthermore, the person who
brings the goods into or out of the
customs territory of the Union from
or to Iran, or who assumes responsibility
for the carriage of the goods to
or from Iran, or his representative,
would declare whether the goods
were covered by the Common Military
List of the EU or by this regulation
and, if their export is subject to
authorisation, specify the particulars
of the export licence granted.
Until 31 December 2010, the
entry and exit summary declarations
and the above-mentioned additional
elements referred to in paragraph 3
may be submitted in written form
using commercial, port or transport
information, provided that they
contain the necessary particulars.
As from 1 January 2011, the
required additional elements
referred to in this article shall be
submitted for:
● Goods brought into the customs
territory of the Union, either in
written form or using an entry
and exit summary declaration as
appropriate;
● Goods brought out of the
customs territory of the Union,
either by a customs declaration
or, where a customs declaration is
not required, an exit summary
declaration.
All natural and legal persons,
entities and bodies would cooperate
with the competent authorities, as
indicated in the websites listed in an
annex to the proposed regulation.
The proposed regulation also
contains clauses in respect of the
liability of persons acting in good
faith.
The proposed regulation repeals
Regulation (EC) No 423/2007. ■
BIFA would like to acknowledge that
this article is reprinted with the
permission of CLECAT
1 http://eur-lex.europa.eu/LexUriServ/
LexUriServ.douri=OJ:L:2010:195:00
39:0073:EN:PDF
2 http://eur-lex.europa.eu/LexUriServ/
LexUriServ.douri=OJ:L:2010:195:00
25:0036:EN:PDF
3 http://eur-lex.europa.eu/LexUriServ/
LexUriServ.douri=COM:2010:0459:F
IN:EN:PDF
12 November 2010