Article 12
1. The prohibitions in Article 11 shall not apply to: (a) the execution until 1 July 2012, of trade contracts concluded before 23 January 2012, or of ancillary contracts necessary for the execution of such contracts; (b) the execution of contracts concluded before 23 January 2012, or of ancillary contracts, necessary for the execution of such contracts, where such a contract specifically provides that the supply of Iranian crude oil and petroleum products or the proceeds derived from their supply are for the reimbursement of outstanding amounts to persons, entities or bodies under the jurisdiction of Member States, (c) the import, purchase and transport of crude oil or petroleum products which had been exported from Iran prior to 23 January 2012, or where the export was made pursuant to point (a) on or prior to 1 July 2012; or where the export was made pursuant to point (b); provided that the person, entity or body seeking to perform the contract concerned has notified, at least 20 working days in advance, the activity or transaction to the competent authority of the Member State in which it is established. 2. The prohibition in Article 11(1)(d) shall not apply to the provision, until 1 July 2012, directly or indirectly, of third party liability insurance and environmental liability insurance and reinsurance.