International Group Updated FAQs on EU Regulation 267/2012
The International Group has issued an updated FAQs document dated 14 August 2012 covering the impact of EU Regulation 267/2012 dated 23 March 2012, which concerned further sanctions measures against Iran pursuant to the EU Council Decision 2012/35/CFSP of 23 January 2012 and which also incorporated (and expanded) the measures which were contained in EU Regulation 961/2010 of 25 October 2010, notably:
- A ban on the import, purchase, or transport of Iranian crude oil, petroleum products and petrochemical products; and
- A ban on the provision, directly or indirectly, of financing or financial assistance, as well as insurance or reinsurance, related to those activities.
The new FAQs should be read in conjunction with, but supersede, the FAQs issued on 8 February 2012, 27 March 2012 and 25 May 2012 and provide clarification of the following current issues:
- The legal status of EU Council Regulation 267/2012;
- The expired “grace periods”;
- Impact on shipowners/charterers;
- Impact on the cover provided by the Clubs;
- Latest UK Guidance on transportation and insurance of Iranian oil or petroleum products used as ship’s bunker fuel or lube oils;
Copies of the latest FAQs as well as those of 8 February 2012 regarding EU Council Decision 2012/35/CFSP can be downloaded below. The Lloyds Market Joint Hull Committee Bulletin dated 8 August 2012 (setting out HM Treasury comments regarding bunker fuel) can be seen at: http://lma.informz.ca/LMA/archives/archive_226805.html
