Regulation 37C Trade: exceptions in relation to energy-related goods and energy-related technologyF1

The prohibitions in regulations 27M (financial services and funds relating to energy-related goods and energy-related technology) and 27N (brokering services: non-UK activity relating to energy-related goods and energy-related technology) are not contravened in relation to the provision of insurance or reinsurance to a relevant person where the provision of such insurance or reinsurance is not connected with the energy sector in Iran.

The prohibitions in Chapter 1B of Part 5 (exports and related activities: energy-related goods and energy-related technology) and Chapter 1C of Part 5 (sectoral software goods and sectoral software and technology) are not contravened by a relevant activity that is necessary for the purposes of a UK petroleum project.

In this regulation—

• “energy-related goods” has the meaning given in regulation 34(1) (interpretation of Part 5);

• “energy-related technology” has the meaning given in regulation 34(1);

• “relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions in Chapters 1B and 1C of Part 5;

• “relevant person” means a person who is not a person connected with Iran;

• “UK petroleum project” means an oil or gas exploration or production project that is wholly or partially located within—

  1. (a)

     the United Kingdom;

  2. (b)

     waters adjacent to the United Kingdom up to the seaward limits of the territorial sea, or the seabed and subsoil below them;

  3. (c)

     areas from time to time designated under section 1(7) of the Continental Shelf Act 1964 (designation of areas of continental shelf), and any waters within the limits of such areas.