Explanatory Memorandum to COM(2011)35 - Amendment of Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq

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dossier COM(2011)35 - Amendment of Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with ...
source COM(2011)35 EN
date 26-01-2011
1. Council Regulation (EC) No 1210/2003 imposed certain restrictive measures in respect of Iraq, in accordance with Common Position 2003/495/CFSP and UN Security Council Resolution 1483 (2003). Article 2 of Regulation (EC) No 1210/2003 made specific arrangements concerning payments for Iraqi exports of petroleum, petroleum products, and natural gas, and Article 10 deals with immunity from legal proceedings of certain Iraqi assets.

2. These arrangements applied until 31 December 2007. They were extended by Resolution 1859 of 22 December 2008 until 31 December 2009. By Resolution 1905 of 21 December 2009, the UN Security Council decided, as requested by Iraq, to extend further these specific arrangements until 31 December 2010. In accordance with Council Decision 2010/128/CFSP, Regulation (EC) No 1210/2003 was amended by means of Regulation (EU) No 168/2010.

3. By Resolution 1956 of 15 December 2010, the UN Security Council decided to extend these specific arrangements for a further 6 months to 30 June 2011 and to terminate them from that date. In accordance with Council Decision 2011/…/CFSP, Regulation 1210/2003 should now be further amended.