Council Regulation (EU) No. 503/2011 came into force on 24 May 2011, and added over 100 entities and individuals to the list of designated persons and entities already in existence. Many have been added due to their links with the Islamic Republic of Iran Shipping Lines.
Also on 24 May, the US administration began naming companies that will be subject to the sanctions set down in the Comprehensive Iran Sanctions, Accountability, and Divestment Act 2010 (“CISADA”). These companies include PCCI, Royal Oyster Group, Speedy Ship, Tanker Pacific, Ofer Brothers Group, Associated Shipbroking and Petroleos de Venezuela.