Iran Nuclear NewsFactbox-EU sanctions on Iran

Factbox-EU sanctions on Iran

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Reuters: Here is a look at EU sanctions on Iran: In August 2010, the EU banned the creation of joint ventures with enterprises in Iran engaged in the oil and natural gas industries…

July 1 (Reuters) – Here is a look at EU sanctions on Iran:

– In August 2010, the EU banned the creation of joint ventures with enterprises in Iran engaged in the oil and natural gas industries.

– It said EU member states must prohibit the provision of insurance and re-insurance to the government of Iran.

– It banned the import and export of arms and equipment that could contribute to uranium enrichment, or have a “dual use”.

– Sanctions forbid the sale, supply or transfer of energy equipment and technology used by Iran for exploration and production or for refining or liquefying natural gas. The EU expects the effects of the sanctions to increase over time as existing parts wear out.

– In May 2011, EU foreign ministers added 100 new entities to a list of companies and people affected, including those owned or controlled by IRISL.

– The EU has imposed sanctions on 78 people, associated with human rights violations. In December, the EU added 180 Iranians and entities to a sanctions blacklist that imposes asset freezes and travel bans on those involved in the nuclear programme.

– As of April 2012 visa bans apply to 115 persons – 41 of them have been designated by the UN, the others are autonomous EU designations. The number of listed entities amounts to 440, including the Iranian central bank. Seventy-five of them were designated by the UN, the others are autonomous EU designations.

– On Jan. 23, 2012 the EU placed an immediate ban on all new contracts to import, purchase or transport Iranian crude oil and petroleum products. EU countries with existing contracts to buy oil and petroleum products were allowed to honour them until July 1. Europe’s Protection and Indemnity (P&I) clubs will also be unable to insure vessels carrying Iranian crude from July 1.

– Ban on financial and technical assistance for the oil and gas industries. This includes geophysical survey equipment, drilling and production platforms for crude oil and natural gas, equipment for shipping terminals of liquefied gas, petrol pumps and storage tanks.

– The EU has also agreed to freeze the assets of Iran’s central bank and ban trade in gold and other precious metals with the bank and state bodies. There are also restrictions on financial transfers to and from Iran. Banks must notify transfers above 10,000 euros to national authorities and request prior authorisation for transactions above 40,000 euros, with humanitarian exemptions.

* OTHER SANCTIONS:

– The United Nations Security Council has imposed four sets of sanctions on Iran, in December 2006, March 2007, March 2008 and June 2010.

– Initial sanctions by the United States were imposed after Iranian students stormed the U.S. embassy and took diplomats hostage in 1979. On June 28, the United States gave China a six-month reprieve from its financial sanctions on Iran. Earlier in June, the administration had granted exceptions to India and six other economies. Japan and 10 European Union countries got exceptions in March. Lawmakers from the U.S. House of Representatives and Senate are working to finalise a new package of sanctions.

Sources: Reuters/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/EN/foraff/127511.pdf

(Reporting by David Cutler, London Editorial Reference Unit)

 

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