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Web Alert: New EU Union Measures against Iran - Council Decision 2012/35 – Key Points to Consider

08 March 2012

In response to the recent European Council Decision 2012/35 the International Group is continuing to play an important role in lobbying the European Commission.  The below ‘Key Points to Consider’ have been distributed to the European Commission to educate EU Member States as to the potential impact in order to help inform their views and negotiating position in respect of a possible exemption from the insurance prohibition.

Council decision 2012/35 in its present form is not binding upon any individuals or entities. However this will change once the EU issue a Regulation implementing the decision which is expected in the coming weeks.  All members are recommended to closely monitor the position. Whilst the implementing Regulation will have direct effect in the EU and on EU entities, there are also likely to be ramifications for the insurance arrangements of non-EU members.