
Article 1 
In Regulation (EU) No 961/2010 the following Article is inserted:
“
Article 19a 

1. The prohibitions in Article 16 shall not apply to:
(a) 
((i)) a transfer by or through Central Bank of Iran of funds or economic resources received and frozen after the date of its designation, or
((ii)) a transfer of funds or economic resources to or through Central Bank of Iran where the transfer is related to a payment by a person or entity not listed in Annex VII or VIII due in connection with a specific trade contract,provided that the competent authority of the relevant Member State has determined, on a case-by-case basis, that the payment will not directly or indirectly be received by any other person or entity listed in Annex VII or VIII; or
(b) a transfer made by or through Central Bank of Iran of frozen funds or economic resources in order to provide financial institutions within the jurisdiction of the Member States with liquidity for the financing of trade, provided that the transfer has been authorised by the competent authority of the relevant Member State.
2. The prohibitions in Article16 shall not prevent Bank Tejarat, for a period of two months, from the date on which it was designated, from making a payment from funds or economic resources received and frozen after the date of its designation or from receiving a payment after the date of its designation, provided that:
(a) such payment is due in connection with a specific trade contract; and
(b) the competent authority of the relevant Member State has determined on a case-by-case basis that the payment will not directly or indirectly be received by a person or entity listed in Annex VII and Annex VIII.”.
Article 2 
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.Done at Brussels, 23 January 2012.
For the Council
The President
C. ASHTON