The Study of the Solutions to Decrease the Risk of Sanctioning of Subsidiaries of NIOC with regards to EU Economic Sanctions

Document Type : Research Paper

Authors

1 University of Tehran, Faculty of Law and Political Sciences

2 LLM in Oil and Gas Law, University of Tehran, Faculty of Law and Political Sciences

Abstract

The study of legal regime of imposition of unilateral economic sanctions can have a vital role in operation of companies being designated as sanctioned entity. One of the powerful and complex regime of economic sanctions are the restrictive measures imposed by European Union. This article studies the theory of piercing the corporate veil as one of the important theories n EU law and the EU applicable laws and regulations in sanctioning entities and corporations. Finally it provides solutions for Iranian oil companies active in EU jurisdiction to structure themselves in a way to reduce the chance of being considered as a sanctioned entity.

Keywords

References

  1. الف. فارسی

    علیزاده، مسعود و زرنشان، شهرام (1396) «تأملی بر نظام تصویب و نظارت قضایی بر تحریم‌ها در حقوق اتحادیه اروپا»، مطالعات حقوقی دانشگاه شیراز، دوره نهم، شماره چهارم، صص 209-244.

    ب. انگلیسی

    1. Barber, David H. (1981) "Piercing the Corporate Veil", Willamette Law Review, Vol. 17, pp. 371-404.

     

    1. Hinkston, Mark R. (2006) "Piercing the Corporate Veil", Wisconsin Lawyer, Vol.12, pp. 14-49.
    2. Hofstetter, Karl (1990) "Parent Responsibility for Subsidiary Corporations: Evaluating European Trends", International & Comparative Law Quarterly, Vol. 39(3), pp. 576-598.
    3. Moses, Margaret L. (2008) The Principles and Practice of International Commercial Arbitration, Cambridge University Press.
    4. Sinclair, Paul D. (1988) "Systemizing Piercing the Corporate Veil", Journal of Missouri Bar, Vol.44, pp. 423-429.
    5. Taylor, George W. (1979) "Piercing the Corporate Veil", Virginia Bar Association Journal, Vol.15, pp. 14-17.
    6. Vandekerckhove, Karen (2007) "Piercing the Corporate Veil", European Company Law, Vol. 4(5), pp. 190-200.
    7. Woods, Mervyn (1957) "Lifting The Corporate Veil in Canada", The Canadian Bar Review, Vol.35, pp. 1176-1194.

     

     Judicial Decisions

    1. Automotriz Del Golfo De California V. Erwin G. Resnick, No. 24232, Supreme Court of California, 47 Cal. 2d 792 (1957)
    2. Case T-156/13, Petro Suisse Intertrade Co. SA V. Council, Judgment of The Seventh Chamber, September18, 2015
    3. Case T-176/12, Bank Tejarat V. Council, Judgment of The First Chamber, January 22, 2015
    4. Case T-371/14, Naftiran Intertrade Co. (NICO) Sarl V. Council, Judgment of The Seventh Chamber, November 26, 2015

     

    1. Case T-428/13, Iranian Oil Company UK Ltd (IOC-UK) V. Council, Judgment of The General Court (Seventh Chamber), 18 September, 2015

     

    1. Case T-433/13, Petropars Iran Co. V. Council, Judgment of The Seventh Chamber, May 5,2015
    2. Case T-496/10, Bank Mellat V. Council, Judgment of The Forth Chamber, January 29, 2013
    3. Case T-53/12, CF Sharp Shipping Agencies Pte Ltd V. Council, Judgment of The Forth Chamber, October 26, 2012

    EU Rules and Regulations

    1. Council of The European Union, Implementing Regulation No. 1264/2012, 21 December 2012, p. 59
    2. Council of The European Union, Guidelines On Implementation and Evaluation of Restrictive Measures (sanctions) In The Framework of The EU Common Foreign and Security Policy, 11205/12, 15 June 2012
    3. Council of The European Union, Guidelines On Implementation and Evaluation of Restrictive Measures (sanctions) in The Framework of The EU Common Foreign and Security Policy, 9068/13, 30 April 2013

     

    Sites

    1. Chennai Petroleum Corporation Limited, (2018):

    https://www.cpcl.co.in/CompanyProfile

    1. Fujian Refining and Petrochemical Company Ltd. (2018):

     www.China.aramco.com/en/home/services/joint-ventures/frep.html

    1. Petron Company, (2018):

     www.petron.com/who-we-are/our-history/

    1. Sinopec SenMei Ptroleum Company, (2018):

    www.China.aramco.com/en/home/services/joint-ventures/sspc.html Showa

    1. Shell Affiliation, (2018):

    www.aramcooverseas.com/about/joint-ventures/showa-shell-joint-venture/

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