On December 11, 2012, the Department of Foreign Affairs and
International Trade released amendments to the Special Economic
Measures (Iran) Regulations, implementing new sanctions
against Iran.
Among other things, the new regulations prohibit any person in
Canada and any Canadian outside of Canada from exporting, selling,
supplying or shipping to Iran: any equipment of machinery designed
for the building, maintenance or refitting of ships; any vessels
designed for the transportation or storage of crude oil, or any
petroleum or petrochemicals products; any goods designed for
drilling, mineral surveying and exploration, including specialized
equipment used in the mining industry; and any specialized
equipment used to provide broadcasting, telecommunication, or
satellite service to Iran.
The new regulations also prohibit any person in Canada or any
Canadian outside of Canada from importing, purchasing, acquiring or
shipping natural gas, crude oil, or any petroleum or petrochemical
products, from Iran; or to provide marketing or any financial
services to Iran or any person in Iran if it is related to natural
gas, crude oil, or petroleum or petrochemical products.
Finally, the new regulations also add 98 entities and 1 individual
to the list of persons whom people in Canada and Canadians outside
of Canada are prohibited from dealing with directly or
indirectly.
These new regulations greatly expand sanctions on the economic
sectors that Canada believes indirectly support or provide funds
for Iran's nuclear program. The activities that persons in
Canada and Canadians outside of the country will be able to conduct
in relation to oil and gas, mining, metals, and shipping has been
greatly constrained and clients who provide, or plan to provide
goods or services in this area with Iranian entities should be
careful to ensure that they comply with the new regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
