Citation, commencement, interpretation and extent

1. —(1) This Order may be cited as the Iran (Restrictive Measures) (Overseas Territories) (Amendment and Suspension) Order 2015 and comes into force on 16th April 2015.

(2) In this Order “the principal Order” means the Iran (Restrictive Measures) (Overseas Territories) Order 2012( 3 ).

(3) This Order extends to the territories listed in Schedule 1 to the principal Order.

Amendment to the principal Order

2. —(1) The principal Order is amended as follows.

(2) In article 31A—

(a) in paragraph 4(a) for “EUR 100 000” substitute “EUR 1 000 000”;

(b) in paragraph 4(b) for “EUR 40 000” substitute “EUR 400 000”;

(c) in paragraph 5(a) after “purposes” insert “of or above EUR 1 000 000 or equivalent”;

(d) in paragraph 5(b) after “remittances” insert “of or above EUR 400 000 or equivalent”.

(3) In article 32—

(a) in paragraph (2) for “EUR 40 000” substitute “EUR 400 000”;

(b) in paragraph (3)(b) for “EUR 40 000” substitute “EUR 400 000”.

(4) In article 43(2)—

(a) in paragraph 2(k)(ii) at the end for “, and” substitute“;”;

(b) in paragraph 2(l) for the full stop substitute “; or”;

(c) after sub-paragraph (l) insert—

“ (m) the making available of funds or economic resources to the Ministry of Petroleum as listed in Annex IX to the Council Regulation, after having determined that those funds or economic resources are necessary for the execution of contracts for the import or purchase of the petrochemical products listed in Annex V to the Council Regulation, that originate in Iran or have been imported from Iran. ” .

Suspension of provisions in the principal Order

3. —(1) The following articles of the principal Order are to have no effect to the extent specified in relation to anything done or omitted to be done on or after the coming into force of this Order—

(a) article 13(1)(c) in relation to the products listed in Annex XI to the Council Regulation;

(b) article 13(1)(d) insofar as it concerns the provision of insurance and reinsurance related to the import, purchase or transport of the products listed in Annex XI to the Council Regulation;

(c) article 14;

(d) article 15 in relation to the products listed in Annex XII to the Council Regulation;

(e) article 19B.

(2) In this article the expressions “the Council Regulation”, “insurance” and “reinsurance” have the same meaning as in the principal Order.