Council Regulation (EC) No 2465/96 of 17 December 1996 concerning the interruption of economic and financial relations between the European Community and Iraq

COUNCIL REGULATION (EC) No 2465/96 of 17 December 1996 concerning the interruption of economic and financial relations between the European Community and Iraq
THE COUNCIL OF THE EUROPEAN UNION
,
Having regard to the Treaty establishing the European Community, and in particular Articles 73g and 228a thereof,
Having regard to the common position of 17 December 1996 defined by the Council on the basis of Article J.2 of the Treaty on European Union concerning the derogations from the embargo with regard to Iraq (1), with regard to the implementation of resolutions 660, 661, 666, 670 (1990), 687 (1991) and 986 (1995) of the United Nations Security Council,
Having regard to the proposal from the Commission,
Whereas the United Nations Security Council, acting under Chapter VII of the Charter of the United Nations, decided in its resolutions 660, 661, 666, 670 (1990) and 687 (1991) that all States should take the necessary measures with regard to the interruption of their economic and financial relations with Iraq as provided for in those resolutions;
Whereas, furthermore, the United Nations Security Council, acting under Chapter VII of the Charter of the United Nations, decided in its resolution 986 (1995), to allow, as a temporary measure for humanitarian needs and under appropriate conditions, the import of petroleum and petroleum products originating in Iraq in order to create the funds necessary inter alia for the payment for the import of certain goods into Iraq and certain commercial activities related thereto;
Whereas the conditions under which the transactions and payments relating to the operations authorized under this Regulation may be effected must be determined in a uniform manner by means of directly applicable Community rules;
Whereas, for reasons of transparency and in the light of developments since the introduction of the embargo, the Community legislation implementing certain aspects of the abovementioned United Nations Security Council Resolutions should be incorporated in a comprehensive Community instrument, including inter alia the products falling under the Treaty establishing the European Coal and Steel Community (ECSC), and therefore Council Regulations (EEC) No 2340/90 (2) and (EEC) No 3155/90 (3) preventing trade by the Community as regards Iraq and Kuwait should be repealed. Whereas, to this effect, by Decision 96/740/ECSC (4) the Member States of the European Coal and Steel Community have repealed Decision 90/414/ECSC (5) as of the date of entry into force of this Regulation;
Whereas the measures adopted to implement Security Council resolutions 660, 661, 666, 670 (1990) and 687 (1991) in areas not covered by the provisions of this Regulation continue to be applicable,