New European Union Measures against Iran -European Council Decision 2012/35 dated 23 January 2012 & European Council Regulation 267/2012 dated 23 March 2012-Countermeasures by the Club 10 April 2012 No.12-001 Members are referred to the previous circular  No.11-025  dated 27 February,2012 and  No.11-030  dated 29 March 2012. On 23 March 2012 the European Union Foreign Affairs Council met and adopted Council Regulation (EU) No. 267/2012 (the "Regulation"). Following the publication of the Regulation on 24 March 2012 the Club has decided to take the countermeasures as described in the paragraph 3. 1. Background On 23 January 2012 The European Union Foreign Affairs Council (the "Council") agreed to introduce further measures of sanctions against Iran, specifically, to prohibit the import, purchase and transport of Iranian oil, petroleum products and petrochemical products and to ban the provision of related insurance and reinsurance. The new measures were set out in Council Decision 2012/35 dated 23 January 2012 (the "Decision"). On 24 March 2012 was published Council Regulation 267/2012 implementing the provisions of the Decision. The provisions of the Regulation substantially reflect the corresponding provisions in the Decision including the prohibition on the purchase, import and transport of Iranian oil, petroleum products and petrochemical products as well as the ban on providing related insurance and reinsurance. The Regulation sets out an exemption for "third party liability insurance and environmental liability insurance and reinsurance" from the prohibition on providing insurance and reinsurance for the import, purchase and transport of petrochemical products until 1 May 2012, and of Iranian oil and petroleum products until 1 July 2012. P&I insurance will fall within the scope of these exemptions and thus the Clubs including those regulated by the EU can provide cover for the import, purchase and transport of petrochemical products