Dear Ladies and Gentlemen,

The focal point of this new edition of Trade News is the embargo imposed on Iran. As you know, the Council of the European Union decided on July 26, 2010, to impose new sanctions on Iran, which then had to be transposed into binding EU law. The new regulation on the Iranian embargo, Council Regulation (EU) No. 961/2010, took effect on October 27, 2010. The final version contains some minor modifications compared to previously published draft versions. On the occasion of the entry into force of the new regulation we would like to provide you with in-depth information about the sanctions regime regarding Iran.

We hope you find this issue informative.

Your foreign-trade law team

New regulation on Iran embargo takes effect

With Council Regulation (EU) No. 961/2010 of October 25, 2010, governing “restrictive measures against Iran and repealing Regulation (EC) No. 423/2007” that took effect on October 27, 2010, the Council of the European Union further tightened economic sanctions against Iran. Among other things, the newly introduced regulation results in an expansion of the Iran embargo in terms of the persons/entities/bodies and goods to which it applies and affects the energy and financial sectors in particular. The new sanctions are expected to have a major economic impact and to significantly increase the need of companies for qualified legal counsel regarding the increasing risk related to Iran business.