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Guernsey Eases Financial Restrictions On Iran

by Jason Gorringe, Lowtax.net, London
24 January, 2014

Guernsey announced on January 21, 2014 that it has loosened its financial restrictions against Iran.

On 24 November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States, supported by the European Union, agreed an interim deal towards reaching a long-term comprehensive solution to the Iranian nuclear issue. A Joint Action Plan was agreed between all parties and, as a result, some of the EU restrictive measures against Iran have been temporarily suspended and the authorization thresholds have increased.

The amendments include increases to the amount of funds that may be transferred to or from Iranian financial or credit institutions.

In addition the following restrictive measures will be suspended:

  • the prohibition on the provision of insurance and reinsurance and transport for Iranian crude oil,
  • the prohibition on the import, purchase or transport of Iranian petrochemical products and on the provision of related services,
  • the prohibition on trade in gold and precious metals with the Government of Iran, its public bodies and the Central Bank of Iran, or persons and entities acting on their behalf.

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