Search for ships currently entered in the London P&I Club by their name or I M O number Search Search for correspondents in our global network by country/area or port/city Search IRAN SANCTIONS - New EU restrictions regarding crude oil and petroleum/petrochemical products (EU COUNCIL REGULATION 267/2012) 27 March 2012 Further to our News Alert of 9th February 2012, the EU Regulation which implements the restrictions proposed in the EU Decision of 23rd January 2012 was published on 24th March 2012. The EU Regulation has immediate effect and a copy of the EU Regulation can be found by clicking here . The new restrictions regarding crude oil and petroleum/petrochemical products can be found in Articles 11-14 of the Regulation.  Members should note the following: A. In addition to the cargoes  prohibited in the previous  EU Regulation  (EU Regulation 961/10),   the  transportation of crude oil and petroleum/petrochemical products is now also prohibited.  Definitions of what amounts to petroleum/petrochemical products can be found in Annex IV and V of the Regulation.    B. The restrictions apply both to the transportation of crude oil and petroleum/petrochemical products from Iran or originating from Iran.  The Regulation, however, does not clarify what due diligence Members need to carry out in order to ascertain that the crude oil or petroleum/petrochemical products did not originate from Iran.       C.  The restrictions apply not only to the carriage of these cargoes into the EU but also to the carriage to any country worldwide .   D.  The restrictions also include the insurance of such transportation.   E.  The EU Regulation applies to EU nationals and any legal person, entity or body inside or outside the EU which is incorporated or constituted under the law of an EU Member State and/or to any business done in whole or in part within the EU.