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Iran: new autonomous sanctions

Release Date

18 September 2012

New Australian autonomous sanctions targeting Iran’s oil, gas and petrochemical industries have taken effect on 21 August 2012.  The sanctions also target Iran’s financial services sector, and restrict trade in gold, precious metals and diamonds, as well as newly minted Iranian currency, with Iranian government entities.


The measures prohibit, from 21 August 2012:
 

  • Trade in specified goods and services with the oil, gas and petrochemical industries in Iran, or with Iranian entities involved in these sectors outside of Iran; 
  • Investment in the oil and gas industry in Iran, and Iranian investment in Australia’s oil and gas industry; 
  • Investment and other engagement in the financial services sector in Iran, as well as engagement by the Iranian financial services sector in Australia; 
  • Supply of newly minted or unissued Iranian currency; 
  • Trade (including the provision of services related to such trade) in gold, precious metals and diamonds with government entities in Iran.

     
For a full description of Australia’s autonomous sanctions measures targeting Iran, please see http://www.dfat.gov.au/un/unsc_sanctions/iran_autonomous_sanctions.html

If you have an obligation under contract or other agreement concluded prior to 21 August 2012 to engage in any of these transactions, you have until 20 September 2012 to apply for authorisation to fulfil that obligation.

YOU MUST NOT FULFIL THAT OBLIGATION UNTIL YOU HAVE RECEIVED AUTHORISATION.

Applications for authorisation must be made on the Online Sanctions Administration System (OSAS), which may be accessed from the Department of Foreign Affairs and Trade website at https://sanctions.dfat.gov.au/ .  You may also make an inquiry on OSAS if you are not sure whether your transaction is covered by the sanctions.

The new sanctions give effect to the measures announced by the former Minister for Foreign Affairs, the Hon Kevin Rudd MP, on 6 December 2011 and 24 January 2012.

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