Iran Sanctions – EU Council Regulation 267/2012 – Exports of crude oil and petroleum products from Iran – prohibitions with effect from 1 July 2012 28 June 2012 No.12-008 Members are referred to the previous Circular  No.11-022  dated 9 February, 2012 and  No.11-30  dated 29 March, 2012. On 25 June the European Union Foreign Affairs Council met and issued the press release as per attached. Following the publication of the press release, the International P&I Group has prepared the advice as per attached for the guidance to Members. Please noted that this Club's position is different from the other Club's one and we have put the own countermeasures in place. Therefore, we must ask Members to refer to the previous circulars  No.11-025  dated 27 February and  No.12-001  dated 10 April explaining the countermeasures taken by the Club. Members have previously been informed through FAQs (Frequently Asked Questions) prepared by the International Group of the impact of the prohibitions on trading with cargoes of crude oil and petroleum products originating from Iran and on associated club cover once the prohibitions become effective on 1 July 2012. Whilst there has been some speculation in the media of a possible deferral of the implementation date for the prohibitions, the Council of the European Union issued a press release on 25 June confirming that the exemptions relating to pre-23 January 2012 contracts for importing and transporting Iranian oil and the provision of P&I insurance cover for the transport of Iranian oil by EU regulated insurers will cease and such activities will be prohibited (as provided for under the Regulation) with effect from 1 July 2012. Trade and insurance prohibitions Pursuant to the provisions of Articles 11 1 (d) and 12 (2) of the Regulation, the Club will be prohibited from providing cover to any member/s in respect of voyages transporting crude oil or petroleum products if they originate in Ira