Explanatory Memorandum to JOIN(2014)24 - Amendment of Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | JOIN(2014)24 - Amendment of Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with ... |
|---|---|
| source | JOIN(2014)24  |
| date | 27-06-2014 |
Council Regulation (EC) No 1210/2003 imposes certain restrictive measures in respect of Iraq, in accordance with Common Position 2003/495/CFSP and UN Security Council Resolution 1483 (2003). Article 4 i of that Regulation provides that no economic resources shall be made available, directly or indirectly to, or for the benefit of, a natural or legal person, body or entity listed in Annex IV, so as to enable that person, body or entity to obtain funds, goods or services.
On X of July 2014, the Council adopted Decision 2014/…/CFSP concerning restrictive measures against Iraq to provide that no funds or economic resources shall be made available, directly or indirectly, for the benefit of persons and entities referred to in Article 2(b), subject to specific exemptions, namely, where funds and economic resources may be necessary to satisfy basic needs, where intended exclusively for the payment of professional fees and expenses for legal services, intended for payment of service charges for holding or maintenance of frozen funds or economic resources or necessary for payment of extraordinary expenses. In accordance with Council Decision 2014/…/CFSP, Regulation (EC) No 1210/2003 should therefore be amended accordingly.