Guernsey's restrictive measures against Iran amended
- 21 January 2014
- From the section Guernsey
Guernsey's finance industry has relaxed the restrictive measures against Iran.
The changes will bring the Bailiwick in line with China, France, Germany, the Russian Federation, UK and the US.
The amendments to the EU sanctions allow Iran to transport crude oil, gold and precious metals, as well as let its banks transfer a greater amount of funds.
The Policy Council has warned firms it needs to have final say on whether any companies can do business with Iran.
A Joint Action Plan was agreed by China, France, Germany, the Russian Federation, the UK and the United States, on 24 November, as part of a long-term solution to the Iranian nuclear issue.
The restrictions against Iran were then temporarily suspended and Council Regulations were amended.
Guernsey has now agreed to incorporate the changes into its policy.
The amendments include raising thresholds for transfers to or from Iranian financial institutions and a suspension of bans on transporting Iranian crude oil, importation or purchase of Iranian products and trade with Iran's government or central bank.