These Regulations amend the Iran (European Union Financial Sanctions) Regulations 2010 (S.I. 2010/2937) (“the 2010 Regulations”). The 2010 Regulations make provision relating to the enforcement of Council Regulation (EU) No. 961/2010 of 25th October 2010 on restrictive measures against Iran and repealing Regulation (EC) No. 423/2007 (OJ L 281, 27.10.2010, p.1) (“the first Council Regulation”). The measures include the freezing of funds and economic resources of designated persons and prohibitions on funds and economic resources being made available to them or for their benefit.

Council Implementing Regulation (EU) No. 54/2012 of 23rd January 2011 (OJ L 19, 24.1.2012, p.1) adds additional persons and entities to Annex VIII to the first Council Regulation. Council Regulation (EU) No. 56/2012 of 23rd January 2011 (OJ L 19, 24.1.2012, p.10) amends the first Council Regulation by adding derogations in respect of two of the additional entities. The derogation permits certain transfers of funds or economic resources to and from the Central Bank of Iran and Bank Tejarat in respect of trade contracts. The derogation in respect of Bank Tejarat is on a temporary basis.

These Regulations amend the 2010 Regulations by making provision for limited exceptions to the asset freeze reflecting the new derogation.

An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on the HM Treasury website (www.hm-treasury.gov.uk).