L 169/6 Official Journal of the European Union 8.7.2003 COUNCIL REGULATION (EC) No 1210/2003 of 7 July 2003 concerning certain specific restrictions on economic and financial relations with Iraq and repealing Regulation (EC) No 2465/96 THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Com- munity, and in particular Articles 60 and 301 thereof, Having regard to Common Position 2003/495/CFSP on Iraq and repealing Common Positions 1996/741/CFSP and 2002/ 599/CESP (1), Having regard to the proposal from the Commission, Whereas: 1 Further to United Nations Security Council Resolution 661 (1990) and subsequent relevant Resolutions, in particular Resolution 986 (1995), the Council imposed a comprehensive embargo on trade with Iraq. This embargo is at present laid down in Council Regulation (EC) No 2465/96 of 17 December 1996 concerning the interruption of economic and financial relations between the European Community and Iraq (3. In its Resolution 1483 (2003) of 22 May 2003, the Security Council decided that, with certain exceptions, all prohibitions related to trade with Iraq and the provi- sion of financial or economic resources to Iraq should no longer apply. With the exception of a ban on exports of arms and related materiel to Iraq, the Resolution provides that the comprehensive restrictions concerning trade should be repealed and replaced with specific restrictions applying to proceeds from all export sales of petroleum, petro- leum products, and natural gas from Irag, and to trade in goods belonging to Iraq's cultural heritage with the objective of facilitating the safe return of those goods. The Resolution also states that certain funds and economic resources, in particular those belonging to former Iraqi President Saddam Hussein and senior offi- cials of his regime, should be frozen, subject to designa- tion by the Committee of the Security Council estab- lished pursuant to paragraph 6 of Resolution 661 (1990), and that such funds should subsequently be transferred to the Development Fund for Iraq. In order to allow the Member States to effect the transfer of frozen funds, economic resources and proceeds of economic resources to the Development Fund for Iraq, provision should be made for such funds and economic resources to be unfrozen. (") See page 72 of this Official Journal. () 9 L 337, 27.12.1996, p. 1. Regulation as last amended by Commission Regulation (EC) No 208/2003 (O] L 28, 4.2.2003, p. 26). (6) (10) The Resolution stipulates that all petroleum, petroleum products and natural gas exported by Iraq, as well as the payments for such goods, should be exempt from legal proceedings, attachment, garnishment and execution by those having claims against Iraq. This temporary measure is necessary in order to promote the economic reconstruction of Iraq and the restructuring of its debt, which will help remove the threat to international peace and security constituted by the current situation in Iraq in the common interest of the international community and in particular the Community and its Member States. Common Position 2003/495/CFSP makes provision for an amendment of the current Community regime in order to align it with UNSC Resolution 1483 (2003). These measures fall under the scope of the Treaty and, therefore, in particular with a view to avoiding distortion of competition, Community legislation is necessary to implement the relevant decisions of the Security Council as far as the territory of the Community is concerned. For the purposes of this Regulation, the territory of the Community is deemed to encompass the territories of the Member States to which the Treaty is applicable, under the conditions laid down in that Treaty. In order to create maximum legal certainty within the Community, the names and other relevant data relating to natural or legal persons, groups or entities identified by the UN authorities whose funds and economic resources are to be frozen, should be published and a procedure established within the Community to amend these lists. For reasons of expediency, the Commission should be empowered to amend the Annexes to this Regulation setting out the list of cultural goods, the lists of persons, bodies and entities, whose funds and economic resources are to be frozen, and the list of competent authorities. The competent authorities of the Member States should, where necessary, be empowered to ensure compliance with the provisions of this Regulation. The Commission and Member States should inform each other of the measures taken under this Regulation and of other relevant information at their disposal in connec- tion with this Regulation, and should cooperate with the Committee established by UNSC Resolution 661 (1990), in particular by supplying it with information.