14.—(1) A person to whom this Order applies (“P”) commits an offence if P knowingly —
(a)imports petrochemical products listed in Annex V to the Council Regulation into the Territory if the products originated in Iran, or have been exported from Iran;
(b)purchases petrochemical products listed in Annex V which are located in or which originated in Iran;
(c)transports petrochemical products listed in Annex V if the products originated in Iran, or are being exported from Iran to any other country; or
(d)provides (directly or indirectly) financing or financial assistance (including financial derivatives, insurance and reinsurance) related to the import, purchase or transport of petrochemical products listed in Annex V if the products originated in Iran, or have been imported from Iran.
(2) Paragraph (1) does not apply to—
(a)the execution of trade contracts concluded before the date on which this Order comes into force, or ancillary contracts necessary for the execution of such contracts;
(b)the execution of other contracts concluded before the date on which this Order comes into force, or ancillary contracts necessary for the execution of such contracts, where the contract specifically provides that the supply of Iranian petrochemical products, or the proceeds derived from their supply, are for the reimbursement of outstanding amounts to persons, entities or bodies under the jurisdiction of the Territory; or
(c)the import, purchase and transport of petrochemical products which have been exported from Iran before the date on which this Order comes into force or, where the export was made pursuant to paragraph (b), on or before that date,
if the person, entity or body seeking to perform the contract concerned has informed the Governor of the Territory in which it is established at least 20 working days in advance.
(3) Paragraph (1)(d) does not apply to the provision (directly or indirectly) before the date on which this Order comes into force of third party liability insurance or environmental liability insurance and reinsurance.