UK Position

The UK position is very similar to the EU position as most of the UK sanctions were implementations of the EU sanctions.   The UK Treasury has stated (as of 16 January 2016) that the major sectors affected by the initial phase of sanctions relief include:

1. Financial, Banking and Insurance;
2. Oil, Gas and Petrochemical;
3. Shipping, Shipbuilding and Transport;
4. Gold and other precious metals;
5. Banknotes and Coinage.

However, it should be noted that sanctions remain in place for the following activities:

1. Sale, supply, transfer or export to Iran of all military goods and technology as listed in  the UK Military List;
2. Sale, supply, transfer or export to Iran of missile-related goods and technology as listed in Annex III of  EU Council Regulation 267/2012;
3. Provision of brokering services, technical assistance or financial assistance related to the above;
4. The import from Iran of military and missile related goods and technology;
5. Investment in Iranian enterprises engaged in manufacture of military goods and investment by an Iranian person in a commercial activity related to production or use of missile-related goods;
6. Sale, supply, transfer or export of equipment whyich might be used for internal repression as listed in Annex III of Council Regulation 264/2012
7. The provision of broking services, technical assistance or financial assistance in relation to the (6) above.
8. There are also restrictions in place in relation to individuals and entities who remain listed in Council Regulations 267/2012 and 264/2012 as well as under EU terrorism and EU sanction regimes. 

For more details, please see: https://www.gov.uk/government/publications/doing-business-with-iran/frequently-asked-questions-on-doing-business-with-iran