1. The following shall be prohibited:
(a)
the granting of any financial loan or credit to any Iranian person, entity or body referred to in paragraph 2;
(b)
the acquisition or extension of a participation in any Iranian person, entity or body referred to in paragraph 2;
(c)
the creation of any joint venture with any Iranian person, entity or body referred to in paragraph 2.
2. The prohibition in paragraph 1 shall apply to any Iranian person, entity or body engaged:
(a)
in the manufacture of goods or technology listed in the Common Military List or in Annex I or II;
(b)
in the exploration or production of crude oil and natural gas, the refining of fuels or the liquefaction of natural gas; or
(c)
in the petrochemical industry.
3. For the purposes of paragraph 2(b) and (c) only, the following definitions shall apply:
(a)
‧exploration of crude oil and natural gas‧ includes the exploration for, prospection of and management of crude oil and natural gas reserves, as well as the provision of geological services in relation to such reserves;
(b)
‧production of crude oil and natural gas‧ includes bulk gas transmission services for the purpose of transit or delivery to directly interconnected grids;
(c)
‧refining‧ means the processing, conditioning or preparation for the ultimately final sale of fuels.
(d)
‧petrochemical industry‧ means production plants for the manufacturing of items in Annex V.
4. It shall be prohibited to establish cooperation with an Iranian person, entity or body engaged in the transmission of natural gas as referred to in paragraph 3(b).
5. For the purposes of paragraph 4, ‧cooperation‧ means:
(a)
the sharing of investment costs in an integrated or managed supply chain for the receipt or delivery of natural gas directly from or to the territory of Iran; and
(b)
direct cooperation for the purpose of investing in liquefied natural gas facilities within the territory of Iran or in liquefied natural gas facilities directly connected thereto.
1. The making of an investment through transactions referred to in Article 17(1) in an Iranian person, entity or body engaged in the manufacture of goods or technology listed in Annex III shall be subject to an authorisation from the competent authority concerned.
2. The competent authorities shall not grant any authorisation for the transactions referred to in paragraph 1, if they have reasonable grounds to determine that the action would contribute to one of the following activities:
(a)
Iran's enrichment-related, reprocessing or heavy water-related activities;
(b)
the development of nuclear weapon delivery systems by Iran; or
(c)
the pursuit by Iran of activities related to other topics about which the IAEA has expressed concerns or has identified as outstanding.
1. By way of derogation from Article 17(2)(a), the competent authorities may grant, under such terms and conditions as they deem appropriate, an authorisation to make an investment through transactions referred to in Article 17(1), if the following conditions are met:
(a)
the investment is for food, agricultural, medical or other humanitarian purposes; and
(b)
in those cases where the investment is made in an Iranian person, entity or body engaged in the manufacture of goods or technology contained in the Nuclear Suppliers Group and Missile Technology Control Regime lists, the Sanctions Committee has determined in advance and on a case-by-case basis that the transaction would clearly not contribute to the development of technologies in support of Iran's proliferation-sensitive nuclear activities, or to the development of nuclear weapon development delivery systems.
2. The Member State concerned shall inform the other Member States and the Commission, within four weeks, of authorisations granted under this Article.
Article 17(2)(b) shall not apply to the granting of a financial loan or credit or to the acquisition or extension of a participation, if the following conditions are met:
(a)
the transaction is required by an agreement or contract concluded before 26 July 2010; and
(b)
the competent authority has been informed at least 20 working days in advance of that agreement or contract.
Article 17(2)(c) shall not apply to the granting of a financial loan or credit or to the acquisition or extension of a participation, if the following conditions are met:
(a)
the transaction is required by an agreement or contract concluded before 23 January 2012; and
(b)
the competent authority has been informed at least 20 working days in advance of that agreement or contract.
It shall be prohibited to accept or approve, by concluding an agreement or by any other means, that the granting of any financial loan or credit, or the acquisition or extension of a participation, or the creation of any joint venture be made by one or more Iranian persons, entities or bodies, in an enterprise engaged in any of the following activities:
(a)
uranium mining,
(b)
uranium enrichment and reprocessing of uranium;
(c)
the manufacture of goods or technology included in the Nuclear Suppliers Group or Missile Technology Control Regime lists.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
