Explanatory Memorandum to JOIN(2016)1 - Amendment of Regulation (EU) No 267/2012 concerning restrictive measures against Iran - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | JOIN(2016)1 - Amendment of Regulation (EU) No 267/2012 concerning restrictive measures against Iran. |
|---|---|
| source | JOIN(2016)1  |
| date | 12-01-2016 |
Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran gives effect to the measures provided for in Decision 2010/413/CFSP.
On 31 July 2015, the Council adopted Decision (CFSP) 2015/1337 amending Decision 2010/413/CFSP and extending until 14 January 2016 the exemption provided for in paragraph 14 of Article 20 concerning acts and transactions carried out with regard to listed entities insofar as necessary for the execution of the obligations provided for in contracts concluded before 23 January 2012 or in ancillary contracts necessary for the execution of such obligations where the supply of Iranian crude oil and petroleum products or the proceeds derived from their supply are for the reimbursement of outstanding amounts with respect to contracts concluded before 23 January 2012 to persons or entities within the territories of Member States or under their jurisdiction, where those contracts specifically provide for such reimbursements.
The Council adopted Decision (CFSP) 2016/…/ further extending the abovementioned exemption until 4 February 2016.
Further action by the Union is needed in order to implement this extension.
The High Representative of the Union for Foreign Affairs and Security Policy and the European Commission propose to amend Regulation (EU) No 267/2012 accordingly.