Articles 11 and 13 prohibit the import, purchase or transport of crude oil, petroleum products or petrochemical products, whether originating from Iran or merely located there. The prohibitions are directed against their import from Iran into the European Union; their purchase from Iran; and their transport from Iran to any country worldwide. Annex IV defines crude oil and petroleum products, and Annex V defines petrochemical products. The prohibitions have retrospective effect, permitting only the execution of contracts concluded prior to 23 January 2012, which must be concluded by 1 May 2012 in the case of petrochemical products, and by 1 July 2012 in the case of crude oil and petroleum products.

Articles 11 and 13 also prohibit the provision of financing or financial assistance, and insurance or reinsurance, related to the import, purchase or transport of crude oil and petroleum and petrochemical products. European Union insurers and reinsurers are prohibited from providing cover to anyone involved in carrying these products from Iran, even if there is no other connection to the European Union. Entering into ancillary contracts for the execution of permitted contracts is permitted, prior to the dates of 1 May 2012 (in the case of petrochemical products) and 1 July 2012 (in the case of crude oil and petroleum products). Articles 12(2) and 14(2) permit the provision of third-party liability and environmental liability insurance and reinsurance within the same time limits. Article 35 also prohibits the brokering of insurance or reinsurance to Iran or its Government, government entities and state companies, to Iranian persons, entities or bodies other than natural persons, and to natural or legal persons when acting on behalf of the Iranian Government or Iranian entities.

Article 8 extends the existing prohibition on the sale, supply and export of “key equipment” for exploration, producing, refining and liquefaction in the oil and gas sector to equipment relating to the petrochemicals industry Annex VI sets out an extended list of “key equipment” and technology for this purpose. Article 9 extends the prohibition on technical assistance, financing or financial assistance to petrochemical industry equipment.