Libya and Iran
On 18 August 2015, two new Orders applied in Island law two Council Regulations that made amendments to the sanctions regimes in respect of Libya and Iran. At the same time, two new sets of regulations made necessary consequential amendments to the Libya Sanctions Regulations 2011 and the Iran Sanctions (Proliferation) Regulations 2012.
The changes made ensure that the Island’s law in regard to the sanctions regimes involving Libya and Iran correspond to those in place in the UK.
Libya
The European Union (Libya Sanctions) (Application) (Amendment) (No. 3) Order 2015 [SD 2015/0269] applied Council Regulation (EU) No 2015/1324 of 31 July 2015, which amended Council Regulation (EU) No 204/2011 (“the 2011 Regulation”).
The changes to the 2011 Regulation took into account the continuing threats to the peace, stability and security of Libya, and the threats of misappropriated Libyan state funds being used for the same purposes. Following a review of the lists of persons and entities designated, those lists are replaced. The restrictive measures imposed under the sanctions regime are restated in consolidated and amended form. Amendments made related to authorisation that could be permitted by competent authorities re supplies of military equipment and assistance that could be permitted, and the circumstances when frozen funds or economic resources could be released.
Iran
The European Union (Iran Sanctions) (Proliferation) (Amendment) (No. 2) Order 2015 [SD 2015/0271] applied Council Regulations (EU) No 2015/1327 and 2015/1328 of 31 July 2015, which amended Council Regulation (EC) No 267/2012 (“the 2012 Regulation”).
The changes to the 2012 Regulation followed the Joint Comprehensive Plan of Action (JCPOA) agreed with Iran, and allowed for the implementation of certain transfers and activities specified in the JCPOA or determined by the relevant UN Security Council Committee. The changes also provided for an extension to 14 January 2016 of an exemption for certain acts and transactions in respect of certain contracts involving Iranian crude oil and petroleum products and the proceeds from their supply.
For more information contact Customs and Excise.
Further information on sanctions and export control may be found on the Customs and Excise web pages.
