Council Regulation (EU) No 42/2014
Substituted by Corrigendum to Council Regulation 2014/42/EU of 20 January 2014 amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran (Official Journal of the European Union L 15 of 20 January 2014).
of 20 January 2014
amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran

THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 215 thereof,
Having regard to Council Decision 2010/413/CFSP of 26 July 2010 concerning restrictive measures against Iran and repealing Common Position 2007/140/CFSP,
OJ L 195, 27.7.2010. p. 39.
Having regard to the joint proposal from the High Representative of the Union for Foreign Affairs and Security Policy and the European Commission,
Whereas:
(1) Council Regulation (EU) No 267/2012 gives effect to the measures provided for in Decision 2010/413/CFSP.
Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010 (OJ L 88, 24.3.2012, p. 1).
(2) On 24 November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States, supported by the High Representative of the Union for Foreign Affairs and Security Policy, reached an agreement with Iran on a Joint Plan of Action which sets out an approach towards reaching a long-term comprehensive solution to the Iranian nuclear issue. It was agreed that the process leading to this comprehensive solution would include, as a first step, initial mutually-agreed measures to be taken by both sides for a duration of six months, renewable by mutual consent.

(3) As part of this first step, Iran would undertake a number of voluntary measures as specified in the Joint Plan of Action. In return, a number of voluntary measures would be undertaken which would include the suspension by the Union, for a duration of six months, during which the relevant contracts would have to be executed, of the following restrictive measures:
the prohibition on the provision of insurance and reinsurance and transport of Iranian crude oil,
the prohibition on the import, purchase or transport of Iranian petrochemical products and on the provision of related services,
the prohibition on trade in gold and precious metals with the Government of Iran, its public bodies and the Central Bank of Iran, or persons and entities acting on their behalf.
(4) Furthermore, the Joint Plan of Action also foresees the increase by tenfold of the authorisation thresholds in relation to the transfers of funds to and from Iran.
(5) On 20 January 2014, the Council adopted Decision 2014/21/CFSP amending Decision 2010/413/CFSP.
See page 22 of this Official Journal.
(6) The abovementioned measures fall within the scope of the Treaty and regulatory action at the level of the Union is therefore necessary in order to implement them, in particular with a view to ensuring their uniform application by economic operators in all Member States.
(7) Regulation (EU) No 267/2012 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION: