The EU has adopted two Regulations which make amendments to Regulation (EU) No 267/2012 concerning restrictive measures against Iran.
Firstly, Regulation (EU) 2015/1327 inserts two new provisions (Article 43b and Article 43c). Article 43b implements the exemption under paragraph 21 of the United Nations Security Council Resolution (UNSCR) 2231. This exemption enables competent authorities to authorise, in limited situations, the supply, sale, or transfer of items, materials, equipment, goods and technology, and the provision of any related technical assistance, training, financial assistance, investment, brokering or other services. Before carrying out these activities, the competent authority must grant authorisation and the Member State must make a number of notifications.
In addition, Article 43c, implementing paragraph 23 of UNSCR 2231, provides that competent authorities may authorise, on a case-by-case basis, transfers and activities, in so far as they are necessary for their execution, subject to the Member State submitting the proposed authorisations to the Sanctions Committee for approval and making the relevant notifications.
Please note that, although these activities would now be permitted under EU law, non-US wholly owned subsidiaries of US companies would still be forbidden from engaging in the above activities under US law.
Secondly, Regulation (EU) 2015/1328 has extended the time frame in point (b) of Article 28a from 30 June 2015 to 14 January 2016. This article states that the prohibitions in Article 23(2) and (3) shall not apply to acts and transactions carried out with regard to entities listed in Annex IX in certain circumstances.