Further additions by the EU to those designated under the EU Regulation concerning restrictive measures against Iran (no 961/2010) have today been published. The EU has added 143 entities and 37 persons to the list of those subject to a freeze of their assets and economic resources and to a ban from entering the Union. The new Regulation (no 1245/2011) adds to the list of those designated in Annex VIII of Regulation 961 and amends some of the entries of those already listed in Annex VIII.
In summary the new designations include entities and individuals directly involved in Iran's nuclear activities; entities and individuals owned, controlled or acting on behalf of the Islamic Republic of Iran Shipping Line; and members of as well as entities controlled by the Islamic Revolutionary Guards Corps.
Under Regulation 961, all funds and economic resources belonging to, owned, held, or controlled by those designated in Annex VIII are frozen. In addition no funds or economic resources are to be made available directly or indirectly, to or for the benefit of those designated.
This new EU Regulation comes hot on the heels of the UK's Financial Restrictions (Iran) Order 2011, click here to see our briefing on the Order.
For advice on issues arising in relation to the sanctions regime against Iran, please do not hesitate to contact a member of our team.
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