On 25 November 2014, the Council of the European Union extended the existing limited sanctions relief for Iran (originally agreed under the Joint Plan of Action in November 2013) until 30 June 2015. 

This follows agreement between Iran and the E3+3 (UK, US, Russia, China, France and Germany) to extend the relief to allow the countries more time to undertake a comprehensive negotiation and agreement in respect of Iran’s nuclear programme.

On 26 November, HM Treasury announced the extension from a UK perspective but made clear that the UK Government’s position remains not to encourage trade with Iran.