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Last updated: 21 Jan 2013

Doing business

Current business situation

United Nation Security Council and Australian targeted sanctions on Iran

Australia enforces both United Nations Security Council as well as autonomously imposed sanctions that restricts a range of commercial activities with Iran and with Iranian individuals and entities.

If you are considering commercial or other dealings with Iran we recommend that you familiarise yourself with the operation of these sanctions. We also recommend you obtain independent legal advice before making commercial decisions involving trade or commercial transactions with Iran.

Contravening Australia’s sanction laws is a criminal offence carrying severe penalties:

  • for an individual, the penalty on conviction is a maximum of 10 years’ imprisonment, or a maximum fine of three times the value of the transaction (or A$275,000, if that is higher); and
  • for companies, the maximum fine is maximum fine of three times the value of the transaction (or A$1.1 million, if that is higher).

From 1 March 2012, transactions of A$20,000 or more between Australia and Iran are prohibited without prior authorisation from the Department of Foreign Affairs and Trade. For more information, please go to the Department of Foreign Affairs and Trade (DFAT) website.

In line with these measures, the Australian Government does not provide financial support for trade with Iran under Australia’s trade promotion and trade finance programs, namely the Export Finance Insurance Corporation (EFIC) and Export Market Development Grants.

For more information about UNSC sanctions implemented by Australia in relation to Iran, please go to the Department of Foreign Affairs and Trade (DFAT) website: www.dfat.gov.au/un/unsc_sanctions/iran.html.

Information on additional sanctions implemented by Australia in relation to Iran can also be found on the DFAT website: www.dfat.gov.au/un/unsc_sanctions/iran_autonomous_sanctions.html.

Detailed information on the export of defence and dual-use goods can be viewed at the Department of Defence’s Defence Export Control Office website: www.defence.gov.au/strategy/deco/.

DFAT provides advice for business travellers and tourists going to Iran. This is regularly updated, and should be checked before planning travel.

Links and Resources

Government, business and trade

Iran Chamber of Commerce, Industries and Mines – www.iccim.ir
IRI Customs Administration – www.irica.gov.ir
Ministry of Foreign Affairs – www.mfa.gov.ir

News and media

Tehran Times – www.tehrantimes.com

Please note: this list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only.

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OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.

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