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SI 2026/983 is made under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) and amends both the Iran (Sanctions) Regulations 2023 (the vessel/ maritime-sanctions-evasion instrument) and the Iran (Sanctions) Regulations 2019 (the core trade/financial regime), rather than replacing either. It was made 7 September 2026, laid before Parliament 8 September 2026, and comes into force 29 September 2026 — a three-week lead time between laying and force, typical for a substantial SAMLA amendment rather than an emergency designation.
The financial package (new regs 17A–17D) is the most consequential piece for counterparty risk: it closes routes UK institutions had used to finance or insure Iranian manufacturing, oil/gas, petrochemical and uranium activity, bars correspondent-style banking relationships with Iranian banks outright, and — notably — bans trading in Iranian government bonds issued after the regulation's date, a forward-looking capital-markets restriction distinct from the existing asset-freeze/designation architecture.
The trade package adds import bans (Chapters 2A–2D) on Iranian gold, petroleum, petrochemicals and natural gas that go beyond the existing export-control-heavy regime, plus new export/technical-assistance chapters for gold/precious metals/diamonds (1A), energy-related goods and drilling/ well-testing services (1B), and sectoral software (1C).
The aircraft/shipping parts (new Parts 5A–5B) give the CAA power to refuse or revoke landing permissions for Iranian cargo aircraft, let the Secretary of State designate specific evasion-linked vessels for chartering/operating prohibitions and UK port-entry refusal, and restrict UK ship registration and technical assistance (tanker/cargo servicing) for those vessels — this is the same maritime-evasion toolkit the UK has used against the Russian shadow fleet, now extended to Iran.
exposure (project finance, trade credit, correspondent banking, Iranian sovereign bonds) have until 29 September 2026 to unwind non-compliant positions.
Iran sanctions perimeter closer to the broader goods-based regime the US and EU already run, narrowing the gap UK-based intermediaries could previously exploit.
toolkit; watch for the first vessel designations under the new Part 5B in the weeks after 29 September.
itself — those will follow under the new designation powers it creates. Track separately when they land.
responds to a specific escalation (e.g., a nuclear-file development) — worth checking on amendment if that becomes material.