"We need to assess the impact" of the EU sanctions, which were detailed by the EU's official journal Wednesday and are "hot off the press," Henry told a conference call with reporters after the company reported its third quarter results.
Shell is still currently taking delivery of Iranian crude under its existing term contracts, Henry said.
The EU sanctions detailed Wednesday, which were agreed by member states in July, say they "should not affect the import or export of oil or gas to and from Iran."
Earlier this year the US passed tougher sanctions against Iran, which Henry said Shell was complying with, but he noted that these did not cover trading of Iranian crude.
"We always have and always will work with sanctions and legal requirements," he said.
Since the US sanctions were passed, Shell has pulled out of some minor downstream activities in Iran, and stopped supplying upstream technical assistance, he said.
The company has already stopped supplying refined products to Iran, and no longer supplies jet fuel to Iranian airlines outside Iran, he said.
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