It is reported that the E3/EU+3 and Iran have today agreed to extend the Joint Plan of Action (JPOA) until 30 June 2015, having failed to reach a definitive agreement by today’s deadline. It is currently understood that the temporary US and EU sanctions easing will remain in force until this date. Reportedly substantial progress was made during the latest round of talks. According to the British Foreign Secretary Philip Hammond, there will be further meetings in December with a view to reaching a headline political agreement on the substance “within the next three months or so” and the remaining time, until June, will be used for the supporting technical work.
We will update this blog once the relevant legislation implementing the extension of the temporary sanctions easing has been implemented. For further details on the JPOA and the sanctions easing, please refer to our previous client alert here (hyperlinks to other client alerts concerning Iran are listed at the end of this alert).
