Issue 16, 2010 - Sanctions on Iran – potential impact on Members

Concern over Iran’s nuclear power programme has grown over recent years, and has resulted in a number of measures being taken. In October, 2009 the UK Government enacted the Financial Restrictions (Iran) Order 2009 which prevented any companies operating in the UK financial sector from entering business relationships with two named entities – an Iranian bank, and the Islamic Republic of Iran Shipping Lines, known as IRISL. Earlier this year the UN Security Council increased the range of existing sanctions against Iran.