Council Regulation (EU) No 267/20122 gives effect to the measures provided for in Decision 2010/413/CFSP.

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.

• 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.

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.

On 20 January 2014, the Council adopted Decision 2014/21/CFSP3 amending Decision 2010/413/CFSP.

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.

Regulation (EU) No 267/2012 should therefore be amended accordingly,