As many will know, the deadline for a mutually-agreed long-term comprehensive solution between Iran and the E3/EU+3 (China, France, Germany, Russia, the UK and the US) to ensure that Iran’s nuclear programme is exclusively peaceful is fast approaching. We will be closely monitoring the situation and reporting any developments concerning the sanctions regimes against Iran on this blog.
Iran continues in negotiations on two tracks, with the International Atomic Energy Association (IAEA) on the one hand and with the E3/EU+3 (the UK, France, Germany, the USA, China, and Russia) on the other. As regards the E3/EU+3, a final round of full negotiations takes place on 18 November in Vienna before the official expiry of the temporary EU and US sanctions relief on Monday 24 November.
By way of background, pursuant to an interim Joint Plan of Action (JPOA) agreed between Iran and the E3/EU+3 on 24 November 2013, the E3/EU+3 committed to a set of temporary voluntary measures in exchange for commitments from Iran on enrichment reductions, non-proliferation, and inspections of its nuclear program. Pursuant to the JPOA, the EU and the US temporarily suspended certain sanctions and the EU eased its funds transfer controls regarding Iran from 20 January until 20 July 2014. This sanctions easing was extended to 24 November 2014 in July.
For our previous client alerts on the JPOA, please see here.
