The UK Foreign and Commonwealth Office updated UK business leaders on the current status of the ongoing nuclear negotiations between Iran and the P5+1 countries (US, UK, France, Russia, China, and Germany) during a briefing session to UK business leaders on UK trade policy on Iran held on 20 May 2015. The key takeaway points were as follows:
• Negotiations are on course for a 30 June 2015 agreement with political momentum and capital from both sides to meet this deadline.
• The agreement provides for “comprehensive economic sanctions relief” to be provided in a phased approach, although it will be “heavily front loaded” with the majority of economic sanctions being removed possibly in early 2016. The precise date will depend on confirmation by the IAEA that Iran has complied with its initial obligations under the agreement.
• A snapback mechanism will provide for the reinstatement of the sanctions in case of a “serious breach” of the agreement.
• Nuclear proliferation-related, human rights and terrorist financing sanctions will remain in place.
• The political aim is for Iran to be “open for business”.
If you would like further information regarding the potential lifting of sanctions on Iran and the opportunities this may have for your business, please contact one of your Baker & McKenzie contacts.
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Ross L. Denton