||S/Res/1737 (Dec 2006) prohibits supply, sale or transfer of items connected to nuclear weapons (& certain military vehicles / equipment - S/Res/1929, Jun 2010), including technical, financial or brokering assistance & imposes financial sanctions on designated individuals (S/Res/1929: travel ban on designated individuals). Islamic Republic of Iran Shipping Line (IRISL) & Iran Air Cargo noted in UN sanctions. S/Res/1929 also prohibits the provision of: bunkering services to Iranian vessels if carrying prohibited items; financial services (including (re)insurance) if such provision could aid development of nuclear weapons. On 14 Jul 2015, the P5+1 reached a Joint Comprehensive Plan of Action (JCPOA) to manage Iran's nuclear energy program in return for sanctions concessions. This is currently under implementation. On 24 Jun 2016, the Financial Action Task Force (FATF), an intergovernmental organisation that sets standards and promotes measures for combating money laundering and terrorist financing (AML/CFT), suspended, for 12-months, its requirement that member states impose counter-measures on Iran for strategic deficiencies in its AML/CFT regime.
||On the 12 November 2019 OFAC extended the national emergency declared in 1979 under EO12170 or a further year. Banned virtually all trade & investment (EO 13059, 1997), revoked US institutions' authorisation to process USD transactions initiated in Iran (Feb 2010). Jul 2010 - CISADA (Comprehensive Iran Sanctions Accountability & Divestment Act) targeted sanctions against petroleum industry (updated Nov 2011 - EO 13590). Parts of CISADA imposed on non-US persons. EO 13608 (May 2012) prevents access to US financial / commercial systems for non-US entities deemed to have violated sanctions. Certain shipping companies & numerous vessels & aircraft included on SDN list, periodically updated. Jul 2009 - U.S. banks allowed to operate accounts of US persons temporarily in Iran. Exemptions for some electronic communication providers (Mar 2010), some civil aviation & food (Oct 2011). Feb 2011, US govt published guidance on CISADA for shipping & maritime insurance. Dec 2011, National Defence Authorization Act (2012) signed into law. Section 1245 prohibits opening, & imposes strict conditions on maintaining, a US correspondent account by a foreign financial institution that 'has knowingly conducted or facilitated any significant financial transaction with Central Bank of Iran or another sanctioned Iranian financial institution'. Also blocks property, subject to U.S. jurisdiction, of Iranian financial institutions. Feb 2012, EO13599, blocked property & interests in property of Govt of Iran & Iranian financial institutions. EO 13606 (Apr 2012) blocks property & imposes travel ban on individuals suspected of human rights abuses via information technology. EO 13622 (Jul 2012) authorised additional sanctions on non-US companies breaching US Iranian measures. Aug 2012, the 'Iran Threat Reduction & Syria Human Rights Act of 2012' was passed into law (effective 9 Oct 2012, EO 13628). It expands the current restrictions &, in particular, is designed to include activities of foreign subsidiaries of US parent companies. It also specifically notes the prohibition of (re)insurance in respect of certain oil & shipping companies & financial institutions. Exceptions for humanitarian relief (Oct 2012). OFAC published a final rule in the Federal Register on 22 Oct 2012, changing the heading of the Iranian Transactions Regulations, 31 C.F.R. part 560, to the Iranian Transactions & Sanctions Regulations, 31 C.F.R. part 560 (the "ITSR"), & amending the renamed ITSR to implement EO 13599. Similar implementing measures done on 8 Nov 2012 by adding additional categories of sanctionable activities for which foreign financial institutions may lose their ability to establish correspondent account relationships with US financial institutions. 15 Mar 2013 78 FR 16403 amends financial sanctions in relation to funds owed to Iran in respect of trade under significant reduction exception. Certain provisions in the Iran Freedom & Counter-Proliferation Act of 2012 (IFCA) came into force on 1 July 2013 which extended sanctions targeting Iran's energy, ports, shipping & shipbuilding sectors, the provision of certain products to those sectors &/or Iran's nuclear program, the provision of ancillary services (by both U.S. & foreign entities) such as (re) insurance, underwriting services & banking. EO 13645 (effective 1 July 2013) targets transactions related to the Iranian Rial, automotive sector & transactions involving material assistance to specific Iranian persons who are already subject to US sanctions. These sanctions apply to foreign/Non-US persons doing business with Iran - which may be lawful in their own country - & could consequently face a wide range of adverse economic consequences from a freeze of their assets held in US to severe constraints on doing business in the US market. The P5+1 Joint Plan of Action came into effect on 20 Jan 2014 providing sanctions relief in respect of certain activities taking place exclusively between 20 Jan 2014 to 20 Jul 2014, however, the suspension is only in respect of non-US persons or foreign entities owned or controlled by US persons (with the exception of humanitarian and civil aviation with a licence from OFAC). JPOA Suspension extended until 7 July 2015. On 14 Jul 2015, the P5+1 reached a Joint Comprehensive Plan of Action (JCPOA) to manage Iran's nuclear energy program in return for sanctions concessions. 16 Jan 2016 implementation day for JCPOA. US lifted nuclear related sanctions on Iran due to compliance with measures set out in JCPOA, confirmed by IAEA and the US Secretary of State. Issued "General Licence 1: Authorising certain transactions related to the negotiation of, and entry into, contingent contracts for activities eligible for authorisation under the statement of licencing policy for activities related to the export or re-export to Iran of commercial passenger aircraft and related parts and services". Lifting of nuclear-related sanctions primarily applies to non-US persons or foreign companies with US parents, therefore 'US persons' remain subject to measures. General License relating to aircraft published 29 Mar 2016. On 27 Apr 2016, OFAC updated its FAQ on Iran in relation to the facilitation of payments to Iranian Civil Aviation Authorities for overflights of Iran or landing in Iran. On 8 Jun 2016 OFAC updated its FAQ on Iran with the intention of clarifying the US government position in respect of Iranian related transactions by non-US persons. In Jul 2016, Iran brought proceedings against the US in the International Court of Justice challenging the legality of EO 13599, which freezes the US-held assets of the Iranian government and Iranian financial institutions. This followed the US Supreme Court judgment in Bank Markazi v Peterson in April that allowed certain frozen assets belonging to Bank Markazi, the Central Bank of Iran, be used to compensate US victims of terrorist attacks. 29 Jul 2016 OFAC issues General Licence J allowing temporary sojourn to Iran for certain civil aircraft. 15 Dec 2016 OFAC issued General License J-1 which replaces and supersedes in its entirety General License J to allow the temporary re-export of Eligible Aircraft that involve code sharing arrangements, subject to the conditions specified. 22 Dec 2016 Iranian Transactions and Sanctions Regulations amended to expand the scope of medical devices and agricultural commodities generally authorized for export or re-export to Iran. On 8 May 2018, US announced withdrawal from the JCPOA with wind-down periods of 90 and 180 days for different
activities. Of particular note is the re-imposition of the sanctions
stated in EO 13846 in respect of the provision of underwriting services, insurance, or
reinsurance effective on the 5th November 2018. General Licenses H and I officially revoked on 27 Jun 2018. On the 6 Aug 2018 EO 13846 (Aug 2018) re-imposed US sanctions effective 7 Aug 2018 in respect of bank notes and transactions related to the Iranian Rial; gold and other precious metals, graphite, aluminium, steel, coal & software used in industrial processes; activities related to Iran’s sovereign debt and Iran’s automotive sector. The US renewed the national emergency restrictive measures stated under EO13846 for another year until 15 Mar 2021. SDN List, including secondary sanctions list, updated periodically. On the 5 Nov 2018 the US re-imposed full sanctions on Iran. This follows the end of the 180-day wind-down period and the re-imposing of sanctions waived in connection with the JCPOA. As part of the re-imposition of sanctions 700 persons have been added to the SDN List as of 6 Nov 2018, including persons that had been removed from the SDN List in connection with the JCPOA. Additionally, persons and associated blocked property that were previously identified on the Executive Order (E.O.) 13599 List have been moved to the SDN List and the E.O. has now been removed from the OFAC website. On the 6 Nov 2018 amendments were made to the Iranian Transactions Sanctions Regulations (ITSR) to reflect the re-imposition of sanctions pursuant to certain sections of E.O. 13846 and technical changes that remove references to the E.O. 13599 List. The US has continued the basis for its sanctions for a year by continuing the national emergency declared in Executive Order EO 12957. On the 9th April 2019 US designated Iran's military, know as the Islamic Revolutionary Gaurd Corps, as a foreign terrorist organisation under the Immigration and Nationality Act. On the 8th May 2019, OFAC introduced EO13871 more restrictive measures in respect of exported products from Iran’s iron, steel, aluminium and copper sectors. On the 19 Jan 2020 OFAC issued an new Executive Order "Imposing Sanctions With Respect to Additional Sectors of Iran," which impacts Construction, Mining, Manufacturing and Textiles Sectors, and Foreign Financial Institutions Facilitating Such Transactions, FAQs confirm 90 day wind-down
period until 9 Apr 2020 and new business during the wind-down period
could be sanctionable activity. On 30 Jul 2020, the US State Dept
expanded scope of metals sanctions and listed an additional 22 metals
determined to be used in connection with Iran's nuclear, military or
ballistic missile programmes. On 21 Sep 2020, the US claimed to reimpose
the UN sanctions lifted as part of the JCPOA, although the other
parties to the agreement claim that the US does not have the authority
to do so. As a consequence, the US have reimposed the sanctions under
the US sanctions regime and indicated that they would take enforcement
action against any government or entity that breaches the reimposed
sanctions. All restrictive measures under EO 12938 were renewed for a further year until 15 November 2021. All restrictive measures under EO 12170 were renewed for a further year until 15 November 2021.
||Jul 2010 - EU Decision (amended by 2010/644/CFSP - Oct 2010, implemented by Reg 961/2010) - extensive sanctions imposed - ramifications for energy, transport & financial sectors. With some exceptions for compulsory classes, personal lines & charters of aircraft & vessels, there was a total prohibition of (re)insurance to Iranian entities. Reg 267/2012 (Mar 2012 implementing Decision 2012/35/CFSP - Jan 2012) replaced Reg 961/2010 but maintained the existing insurance prohibitions & includes new reference to the prohibition of broking services. Reg 267/2012 also prohibited (re)insurance 'related to import, purchase or transport of crude oil & petroleum products & petrochemical products] of Iranian origin or that have been imported from Iran'. (Re)insurance contracts ‘necessary for execution’ of trade contracts entered into prior to 23 Jan 2012 were not prohibited until 1 Jul 2012 for crude oil & petroleum products & 1 May 2012 for petrochemical products. EU announced increased vigilance of EU financial institutions with Iran domiciled banks (Aug 2008), prohibited settlement of claims affected by UN Sanctions. Nov 2011, UK credit & financial institutions required to cease all business with banks incorporated in Iran & their branches & subsidiaries. EU implemented UN sanctions against IRISL, Aug 2008 (updated Jul 2009 - requires cargo inspection) & amended Reg 267/2012 via Reg 708/2012 (Aug 2012) to clarify IRISL measures. Additional asset freeze & travel ban on individuals responsible for human right violations (2011/235/CFSP, Reg 265/2012 (Mar 2012). The additional asset freeze & travel ban on individuals responsible for human right violations stated under 2011/235/CFSP was renewed until 13 April 2021 under (CFSP) 2020/512. Reg (EU) 945/2012 (16 Oct 2012) introduced significant new measures including an asset freeze of further individuals & entities, including Iranian State-owned entities engaged in the oil & gas sector, a ban on financial transactions between the EU financial sector & Iranian banks, including their branches & subsidiaries outside Iran & a ban on the import, purchase or transport of Iranian natural gas. Reg 1016/2012 (Nov 2012) adds further SDN designations & clarifying Corrigendum to Reg 267/2012 (Nov 2012). Reg 1263/2012 (21 Dec 2012) imposed additional restrictive measures which include gas, graphite, raw or semi-finished metals, including the direct or indirect provision of (re)insurance, & prohibition on provision of insurance to a member of/or to the Islamic Revolutionary Guard Corps. EU 2014/21/CFSP temporarily suspends several prohibitions with effect from 20 Jan 2014 to 20 Jul 2014. Several entities (inc. banks, insurers and the National Iranian Tanker Company) removed from the SDN list in Oct 2014 following an European Court ruling on the legal basis for their designation. Majority relisted 7 Nov 2014 except for National Iranian Tanker Company (although this entity remained on OFACs list). Regulations 2015/1327 amends regulation (EU) 267/2012 amended by Reg 2015/186. JCPOA formally adopted, 16 Jan 2016 Implementation Day. Reg 2016/13 amending Reg 267/2012, removes a significant part of the Iran sanctions measures and allows most trade in Iran, including financial services, and the reconnection of Iranian banks to SWIFT. One person has had an asset freeze removed and four groups have been annulled as a result of judgements by the General Court of the EU. EU delisted Iran's Bank of Sepah and Bank of Sepah International PLC (UK Subsidiary). Bank of England has reactivated the licences of Melli Bank, Persia International Bank and Bank of Sepah International. EU 2016/1375 updates items listed in annexes of Council Reg 267/2012. British Airways resumed direct flights to Tehran 01 Sep 2016. Council Decision 2017/974 states that vessels carrying materials, equipment, goods and technology must ensure that they have obtained information on the end-use and end-use location of any supplied item. The EC amended the
blocking regulation to include the US measures against Iran effective
from 7th August 2018, Delegated Regulation (EU) 2018/1100 amends Council Regulation (EC) No 2271/96 and obliges EU Member States to uphold the blocking statute. Restrictive measures stated under human rights sanctions CFSP 2018/568 were renewed until 13th April 2020. Effective 28th June 2019, INSTEX was reported to be operational and available to all EU Member States. SDN lists updated periodically. On the 6 Sept 2019 Iran stopped implementing its commitments relating to nuclear research and development under the JCPOA. This is the third step in Iran’s reduction of its compliance which includes the development and testing of more “rapid and advanced centrifuges”. On the 6th Jan 2020 announced it would no longer observe its commitments in the 2015 nuclear deal (JCPOA), following the US killing of Qassem Suleimani in a drone strike but that cooperation with the UN International Atomic Energy Agency will continue. On the 14 Jan 2020 the E3 triggered the dispute resolution mechanism in the JCPOA.