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Under Implementing Regulation (EU) 2204/2015, the Oil Industry Pension Fund Investment Company (OPIC) will be reinstated on the list of persons and organizations subject to restrictive measures under Iran sanctions as of December 1, 2015. The sanctions are therefore applicable again in relation to OPIC, even if they have already been formally abolished. We reported the suspension and abolition here and here.

Connections to Iran’s proliferation-related nuclear activities

The reasons approved by the Court of Justice of the European Union (EC) for the resumption were essentially that OPIC provided substantial financial support for Iran’s oil and gas production. The oil and gas sector is an important source of funding for the Iranian government and there may be a link between Iran’s oil revenues from the energy sector and the financing of Iran’sproliferation-related activities. In addition, OPIC Executive Director Naser Maleki, who is also an official in the Ministry of Defence and Logistics of the Armed Forces (MODAFL) responsible for overseeing the work on theballistic missile programme Shahab-3. OPIC is thus directly linked to Iran’s proliferation-related nuclear activities or to the development of nuclear weapons delivery systems.

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