Treasury has published a notice explaining the effects of the recent European Council Regulation on Iran. The Regulation replicates existing asset-freezing measures and implements additional restrictions. It clarifies the effect of the asset freeze against the Islamic Republic of Iran Shipping Lines (IRISL) and designated entities owned or controlled by it. It also confirms that institutions can credit frozen accounts provided the additions to the accounts are also frozen and they tell Treasury immediately. The UK Iran Regulations have been amended to refer to the new Regulation, and existing licences are still valid. There have also been a few changes to this list and the list under the Terrorism Order.