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Financial Sanctions: Belarus - Egypt - Iran - Tunisia

Monday, 17 December 2012

On 14 December 2012 a number of Orders were made that applied in Island law various EU Regulations that amended the sanctions regimes affecting Belarus, Egypt, Iran and Tunisia.

Belarus - Council Regulation (EU) No. 1014/2012 was applied. This Regulation replaces the previous three lists of those subject to sanctions with a single, amalgamated list in new Annex I to the original 2006 Regulation (Council Regulation (EC) No. 765/2006).

Egypt - Council Regulation (EU) No. 1099/2012 was applied. This allowed for the release of frozen assets to satisfy claims which were the subject of judicial or administrative decisions pre-dating the inclusion of the person involved in the list of those subject to sanctions in Annex I to Regulation 270/2011.

Iran - Council Regulation (EU) No. 1067/2012 was applied. This provided for a further exemption in relation to those listed in Annex IX to Regulation 267/2012 to have effect from 16 November. The amendment provides that the prohibitions in the asset-freezing prohibitions of Regulation 267/2012 shall not apply to acts and transactions carried out with regard to entries listed in Annex IV -

  • which hold rights derived from an original award before 27 October 2010, by a sovereign Government other than Iran, of a produciton sharing agreement as referred to in Article 39 of Regulation 267/2012, in so far as such acts, and transactions relate to those entities' participation in that agreement; and
  • in so far as necessary for the execution, until 31 December 2014, of the obligations arising from contracts referred to in point (b) of Article 12(1) of Regulation 267/2012 provided that those acts and transactions have been authorised in advance, on a case-by-case basis, by the competent authority concerned and that the State concerned has informed Member States and the Commission of its intention to grant an authorisation.

Tunisia - Council Regulation (EU) No. 1100/2012 was applied. This provided for the release of frozen funds under certain defined circumstances, and also allowed for their release where necessary for the purpose of assisting in the recovery of misappropriated assets.

The relevant Sanctions Notices on the Customs and Excise website have been updated.

For more information contact the Sanctions Officer.

Customs and Excise Division

P.O. Box 6

Custom House

North Quay

Douglas

Isle of Man

IM99 1AG

Telephone:+44 1624 648130

Email:Send Email

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