Members are advised that from 00:00 hours on 20 January 2014 EU will suspend certain Iran sanctions for a limited period of six months until 20 July 2014 as follows: 

• EU (and non-EU) owned or registered vessels will be permitted to transport oil and petroleum cargoes from Iran, or that originate in Iran
• P&I clubs will be able to provide cover to both EU and non-EU owned or registered vessels undertaking transportation of oil and petroleum products
• EU (and non-EU) owned and registered vessels will be able to transport petrochemical products from Iran for delivery within/outside the EU and P&I clubs will be able to provide cover for such transport
• EU (and non-EU) owned and registered vessels will be able to store Iranian oil and petrochemical products
• The current financial thresholds in Council Regulation 276/2012 article 30(3)(a)(b) and (c) will be increased tenfold up to euro 400,000

Notably, other sanctions presently in place, including prohibitions relating to transactions with designated entities – such as NITC – will remain in place. For further information, as well as information about expected corresponding relief in US sanctions, please see attached IG Circular.