Currently there is an arm embargo against Iraq as adopted in resolution 1518. In addition, the security council decided to impose financial sanctions (asset freeze) against the former government of Iraq and its officials.
The EU sanctions regime against Iraq is based on "COUNCIL REGULATION (EC) No 1210/2003of 7 July 2003 concerning certain specific restrictions on economic and financial relations with Iraq and repealing Regulation (EC) No 2465/96."
EU sanctions against Iraq are regime-based and list-based and includes the following restrictions:
Certain trade embargoes
Following the invasion of Iraq to Kuwait in 1990, and in line with the UNSC Resolution 661, the United State rolled out a comprehensive sanction program against Iraq by E.O. 12722. Since then several amendments were made to the Iraq sanction program.Those sanctions were codified under 31 CFR Part 575 - Iraqi Sanctions Regulations.
As a result of the removal of the regime of Saddam Hussein and other developments in Iraq, the President issued E.O. 13350 on July 29, 2004. E.O. 13350 terminated the national emergency declared with respect to Iraq in Executive Order 12722 and those which were amending it. It was followed by the removal of Iraqi Sanction Regulations, on September 13, 2010, from the Code of Federal Regulations.
Following the removal of the regime of Saddam Hussein, and removal of the above-mentioned comprehensive sanction regime, the U.S. government kept limited number of restrictions in place namely some financial sanctions (asset freezing) against certain individuals and entities associated with the former Saddam Hussein regime, as well as parties determined to have committed, or to pose a significant risk of committing, an act of violence that has the purpose or effect of threatening the peace or stability of Iraq or the Government of Iraq or undermining efforts to promote economic reconstruction and political reform in Iraq or to provide humanitarian assistance to the Iraqi people (This authority has been used to designate several Iranian related targets which are active in Iraq). The new sanction regime is called Iraq Stabilization and Insurgency Sanctions Regulations, and is codified under 31 C.F.R. part 576. It has implemented E.O. 13303, E.O. 13315, E.O. 13350, E.O. 13364, and E.O. 13438.
In addition to the asset freezing sanctions in this program there is a very limited trade sanction with prohibits the trade in or transfer of ownership or possession of Iraqi cultural properties that were illegally taken from certain places.
Those listed on the Treasury SDN list bears the tag of [IRAQ2] or [IRAQ3].