Introductory text

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Articles 60 and 301 thereof,

Having regard to Council Common Position 2008/186/CFSP of 3 March 2008 amending Common Position 2003/495/CFSP on Iraq^f1,

Having regard to the proposal from the Commission,

Whereas:

In accordance with United Nations Security Council (UNSC) Resolution 1483 (2003), Article 2 of Council Regulation (EC) No 1210/2003^f2 made specific arrangements as regards payments for petroleum, petroleum products, and natural gas exported from Iraq, whilst Article 10 of that Regulation made specific arrangements concerning immunity from legal proceedings of certain Iraqi assets. The specific arrangements on payments continue to apply, whilst the specific arrangements on immunities applied until 31 December 2007.

UNSC Resolution 1790 (2007) and Common Position 2008/186/CFSP provide that both of these specific arrangements are to apply until 31 December 2008. Regulation (EC) No 1210/2003 should therefore be amended accordingly.

It is also appropriate to align Regulation (EC) No 1210/2003 with recent developments in sanctions practice regarding the identification of competent authorities, liability for infringements and jurisdiction. For the purpose of this Regulation, the territory of the Community is deemed to encompass the territories of the Member States to which the Treaty is applicable, under the conditions laid down in the Treaty.

In order to ensure that the measures provided for in this Regulation are effective, this Regulation should enter into force immediately,

HAS ADOPTED THIS REGULATION: