Sanctions: UK Iran Order expires, EU Order prevails
HM Treasury (UK) has issued the following notice:
"The Financial Restrictions (Iran) Order 2009 expires at midnight on Friday 8th October 2010...."
But that doesn't mean there are no continuing sanctions as HM Treasury says EU law takes precedence.
The short notice continues: "Bank Mellat and the Islamic Republic of Iran Shipping Lines (IRISL) were
designated persons for the purposes of the Financial Restrictions (Iran) Order 2009. Together with all their branches and certain named subsidiaries, Bank Mellat and IRISL continue to be subject to an EU asset freeze, under EU Regulation 423/2007 as amended by EU Regulation 668/2010 of 26 July 2010. The asset freeze must continue to be applied.
"The notification issued on 27 July 2010 by the Treasury's Asset Freezing Unit regarding EU Regulation 668/2010 on Iran, which included reference to the Financial Restrictions (Iran) Order 2009, has been revised to reflect the expiry of the Order."
Further information is at http://www.hm-treasury.gov.uk/fin_sanctions_iran.htm
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