In the early hours of 24 November, the P5+1 (the UK, US, Germany, France, Russia and China, facilitated by the EU) announced that they had reached a set of initial understandings with Iran. In exchange for limits on Iran’s nuclear programme, the P5+1 have given undertakings to relax sanctions, including agreeing that no new nuclear-related sanctions will be imposed for six months and that certain existing sanctions (including the restrictions on the Iranian automotive sector and petrochemical exports from Iran) will be suspended, provided Iran abides by its commitments under the deal. Please click here for our full briefing.