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Council Regulation (EU) No 267/2012Show full title

Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010

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Article 28

By way of derogation from Articles 23(2) and (3), the competent authorities may also authorise, under such conditions as they deem appropriate:

(a)

the making available of certain funds to the Central Bank of Iran, after having determined that the funds are necessary for the execution, until 1 July 2012, of a contract referred to in Article 12;

(b)

the release of certain frozen funds or economic resources of the Central Bank of Iran or the making available of certain funds or economic resources to the Central Bank of Iran, after having determined that the funds or economic resources are necessary for the purpose of providing credit or financial institutions with liquidity for the financing of trade, or the servicing of trade loans; or

(c)

the release of certain frozen funds or economic resources held by the Central Bank of Iran or the making available of certain funds or economic resources to the Central Bank of Iran, after having determined on a case-by-case basis, that the funds or economic resources are necessary in connection with a specific trade contract other than contracts referred to in paragraph (a), the execution of which may involve the Central Bank of Iran, provided that the payment will not contribute to an activity prohibited under this Regulation,

provided that the Member State concerned has notified the other Member States and the Commission of its intention to grant an authorisation at least ten working days prior to the authorisation.

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