After years of applying wide-ranging sanctions, the international community is re-engaging with Iran following a nuclear deal in 2015. As a result of the deal reached between the E3+3 (France, Germany, UK, China, Russia and USA) and Iran, some nuclear-related and other financial and economic sanctions were lifted in January 2016. For Iran, this is a vital part of its re-integration into the international community.
As such the relevance of the Iran List, which provides information for exporters about certain entities, companies and organisations in Iran, has decreased and has been withdrawn.
0.1 What was the Iran List for?
The Iran List was published by the Export Control Organisation (ECO) to help exporters make informed decisions about whether their exports might potentially be of concern on end-use grounds. This is where an export licence is required for goods not normally subject to control because the exporter is aware, or has been informed by the UK Government, that there is concern about diversion to a Weapons of Mass Destruction (WMD) programme.
The list, which identified a range of entities, companies and organisations in Iran, was published to help exporters judge whether their exports might potentially be of concern on end-use grounds, based on ECO’s previous decisions about exports.
0.2 What does this mean for exporters?
If exporters have concerns about end users in Iran or other countries they can make use of the end user advice service, which can be accessed via the SPIRE export licensing system. You can also read more about WMD end-use controls.
0.3 What sanctions remain?
Some sanctions remain in place for a further 8 years. Some sanctions are also not affected by the nuclear deal - in particular, those relating to human rights and terrorism. UK businesses looking to trade or invest in Iran need to ensure that their business with Iran complies with these measures.
Exporters will want to find out whether they are dealing with a designated person or entity under remaining sanctions, or suspect a designated person or entity might be involved in any business transaction. They will also want to be sure that their products or materials are not restricted under these sanctions and that there are no restrictions on those to whom they are making payments.
It is important to take appropriate due diligence measures before engaging in any activity. Iran will remain a challenging place to do business so if in doubt exporters should seek legal advice.
Read more on embargoes and sanctions on Iran.
0.4 Doing business with Iran
The lifting of some sanctions means that Iran is able to trade more freely with the international community. This offers an opportunity for UK companies to win business in the biggest market to enter the global economy in decades.
The UK Government fully supports expanding our trading relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that arise.
The Iranian government has clearly stated its desire to attract foreign direct investment to meet the country’s ambitious growth targets, and private firms around the world, including the UK, will soon have new business opportunities that will also benefit Iran and her people.
Read more on doing business with Iran.