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EU extends Iran sanctions relief by 2 weeks

January 14th, 2016 - Posted by europeansanctions.com in Sanctions

Posted on by  Maya Lester on europeansanctions.com

The EU has today extended its Iran sanctions relief for 2 weeks, in order to allow time for the implementation of the JCPOA nuclear deal that officials have said is likely to take place in next few days.

EU sanctions relief was originally agreed in November 2013 as part of the Joint Plan of Action that preceded the JCPOA (see previous blog). It was extended in July 2015 for 6 months until 14 January 2016 following the agreement of the JCPOA in order to give the IAEA the chance to make its report (see previous blog). The relief eases EU sanctions on Iran's petrochemical exports, gold, and precious metals, prohibits further nuclear-related sanctions, establishes a financial channel for humanitarian trade with Iran, and increases the monetary threshold for transactions involving Iran before authorisation is required.

This article first appeared on European Sanctions Law & Practice (http://europeansanctions.com/), a blog by Maya Lester (+44 20 7379 3550, maya.lester@brickcourt.co.uk), a barrister at Brick Court Chambers, and Michael O'Kane (+44 (0) 20 7822 7777 mokane@petersandpeters.com), head of Business Crime at Peters & Peters.

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