On 30 June 2015, the P5+1 nations (United States, United Kingdom, France, Russia, China and Germany), the EU and Iran announced that negotiations on a Joint Comprehensive Plan of Action (JCPOA) (an agreement in respect of Iran limiting its nuclear programme in exchange for sanctions relief) have been extended for seven days in order to continue on-going negotiations.
In April this year, Iran and the P5+1 nations reached a framework agreement which is the foundation for a final Iran nuclear accord in the form of a JCPOA. The drafting of the JCPOA was due to be finalised by 30 June 2015, but the deadline has now been extended to 7 July 2015.
The EU and US have therefore confirmed that the limited sanctions measures targeting Iran which had previously been suspended as negotiations progressed remain suspended until 7 July 2015. All EU and US businesses should be aware however that existing EU and US sanctions applicable to Iran currently remain unchanged.