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EU-Sanctions

Handling of EU Sanctions on trade with Iran by LMC-Couplings


EU foreign ministers have adopted tougher sanctions on 26 July 2010 targeting Iran's energy sector, in an effort to block its controversial nuclear program. There are new restrictions on foreign trade, financial services and the oil and gas sectors - the backbone of Iran's economy. Sanctions are targeting Iran's energy projects such as the South Pars gas field. 

Last month, the UN Security Council approved a fourth round of sanctions against Iran over its nuclear program, which directly targets the Islamic Revolutionary Guard Corpsand the Islamic Republic of Iran Shipping Lines. The Revolutionary Guards are involved in many industries, including car manufacturing and clothing, and control at least a third of the economy.

The new EU measures are banning the export to Iran of key equipment and technology for refining and for the exploration and production of natural gas.

New European investment in major sectors of the Iranian economy will also be banned. There will be restrictions on sales to Iran of any goods which could potentially have military applications.

Ships will be inspected if they are suspected of carrying illegal material. There is expected to be tight scrutiny of Iranian banks operating in the EU. Any money transfers of more than 10,000 euro’s (£8,340) will have to be notified to national authorities, and amounts above 40,000 euro’s will require prior authorization.

More than 40 individuals and more than 50 companies will be blacklisted.

The new measures will come into force in the coming days, after they are published in the EU's official gazette and will also be applicable to pending orders.

LMC-Couplings will handle according these guidelines.

For the meantime we ask you to take appropriate measures, including the verification of any (export) authorization you have obtained with your local authorities in writing and to inform LMC-couplings if any of our products are used or offered to customers dealing with Iran. We will further inform you as soon as the publications are available.

We will further inform you as soon as the publications are available.