Division 4 ‘ Iran Freedom and Counter-Proliferation Act of 2012 ’F1

Required compliance:

• Not to knowingly:

  1. (i)

     provide significant support, including by facilitating significant financial transactions, or goods or services, to or on behalf of certain persons operating in the ports, energy, shipping, or shipbuilding sectors in Iran, or any Iranian person included in the list of specially designated nationals and blocked persons;

  2. (ii)

     trade with Iran in significant goods and services used in connection with the energy, shipping or shipbuilding sectors of Iran;

  3. (iii)

     purchase petroleum and petroleum products from Iran and conduct financial transactions related with them, in specific circumstances;

  4. (iv)

     conduct or facilitate transactions for the trade in natural gas to or from Iran (applies to foreign financial institutions);

  5. (v)

     trade with Iran in precious metals, graphite, raw or semi-finished metals, or software that may be used in specific sectors or involve certain persons; nor facilitate a significant financial transaction in connection with such trade;

  6. (vi)

     provide underwriting services, insurance and reinsurance related to specific activities, including but not limited to those under points (i) and (ii) above, or to specific categories of persons;

  Certain exceptions apply depending on the nature of the trade or transaction and the level of due diligence applied.

• Possible damages to F2United Kingdom interests:

  Measures to limit imports into USA or procurement to USA, prohibition of designation as primary dealer or as repository of US Government funds, denial of access to loans from US financial institutions or transfers through such institutions, prohibition of transactions in foreign exchange subject to the jurisdiction of the USA, export restrictions by USA, prohibition of property transactions subject to the jurisdiction of the USA, or refusal of assistance by EXIM-Bank, prohibitions and limitations to the opening and maintenance of correspondent accounts in the USA.