Relevant provisions Although the insurance company is not registered in any Member State, it has some employees who have key positions, and do business, within the EU. Therefore, the insurance company should consider complying with the EU sanctions when its business involves European nationals even if it does not appear to be a legal entity subject to the EU Regulation. Moreover, the Norwegian Sanction regulation against Iran is almost identical to the EU Regulation. Hence, the discussions on various issues will be based on the European Sanction Regulation against Iran. Article 49 Regulation shall apply: “This (a) within the territory of the Union, including its airspace; (b) on board any aircraft or any vessel under the jurisdiction of a Member State; (c) to any person inside or outside the territory of the Union who is a national of a Member State; (d) to any legal person, entity or body, inside or outside the territory of the Union, which is incorporated or constituted under the law of a Member State; (e) to any legal person, entity or body in respect of any business done in whole or in part within the Union.” Article 8 It shall be prohibited to sell, supply, transfer or export key equipment or technology listed in “1. Annex VI, directly or indirectly, to any Iranian person, entity or body or for use in, Iran. 2. Annex VI shall include key equipment and technology for the following key sectors of the oil and gas industry in Iran: (a) exploration of crude oil and natural gas; (b) production of crude oil and natural gas; (c) refining; (d) liquefaction of natural gas. 3. Annex VI shall also include key equipment and technology for the petrochemical industry in Iran.
Relevant provisions Although the insurance company is not registered in any Member State, it has some employees who have key positions, and do business, within the EU. Therefore, the insurance company should consider complying with the EU sanctions when its business involves European nationals even if it does not appear to be a legal entity subject to the EU Regulation. Moreover, the Norwegian Sanction regulation against Iran is almost identical to the EU Regulation. Hence, the discussions on various issues will be based on the European Sanction Regulation against Iran. Article 49 “This Regulation shall apply: (a) within the territory of the Union, including its airspace; (b) on board any aircraft or any vessel under the jurisdiction of a Member State; (c) to any person inside or outside the territory of the Union who is a national of a Member State; (d) to any legal person, entity or body, inside or outside the territory of the Union, which is incorporated or constituted under the law of a Member State; (e) to any legal person, entity or body in respect of any business done in whole or in part within the Union.” Article 8 “1. It shall be prohibited to sell, supply, transfer or export key equipment or technology listed in Annex VI, directly or indirectly, to any Iranian person, entity or body or for use in, Iran. 2. Annex VI shall include key equipment and technology for the following key sectors of the oil and gas industry in Iran: (a) exploration of crude oil and natural gas; (b) production of crude oil and natural gas; (c) refining; (d) liquefaction of natural gas. 3. Annex VI shall also include key equipment and technology for the petrochemical industry in Iran.
Momeni%20article.docx