Insights

Iran sanctions: EU extends reimbursement exemption and amends listings

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February 17, 2015

On 12 February 2015 the EU extended one of the exemptions from restrictive measures against Iran until 30 June 2015, by way of Council Regulation (EU) 2015/229. The exemption relates to the execution of obligations provided for in contracts concluded before 23 January 2012, or in ancillary contracts, where the supply of Iranian crude oil, petroleum products or petrochemical products, or the proceeds derived from their supply, are for the reimbursement to EU persons or entities of outstanding amounts.

The EU also relisted two entities based on new statements of reasons, by way of Council Implementing Regulation (EU) 2015/230. They are:

  • The National Iranian Tanker Company (NITC) (for allegedly providing financial and logistical support to the Government of Iran); and
  • Gholam Hossein Golparvar (for allegedly acting on behalf of IRISL and companies associated with it).