Iran sanctions – parties reach agreement on Iran’s nuclear program and sanctions relief

In the early hours of July 14, 2015, it was announced that the P5+1/EU3+3 and Iran had reached agreement on the Joint Comprehensive Plan of Action regarding Iran’s nuclear program (the “JCPOA”). This builds on the framework announced in April 2015. One of the key elements of the JCPOA will be extensive relief from the current EU and US sanctions against Iran. However, sanctions relief will be effective only upon Iran meeting its obligations regarding its nuclear program and, as such, the existing UN, US and EU sanctions remain in force.

The text of the JCPOA itself has been released and runs to over 100 pages, including various Annexes. We have summarized below the milestones for the implementation of sanctions relief and the key sanctions-related elements of the JCPOA which provide relief from the UN, US and EU regimes. Continue reading