Since the end of November 2013, the so-called P5 + 1 (the United States and its partners, China, France, the United Kingdom, Germany and Russia) have been negotiating with Iran regarding its nuclear program. The negotiations proceeded pursuant to a Joint Plan of Action (JPOA) providing temporary sanctions relief to Iran beginning on January 12, 2014 for a period expiring on July 20, 2014. The P5 + 1 and Iran agreed to continue the JPOA and the temporary sanctions relief was extended until November 24, 2014 and then until June 30, 2015.

On June 30, 2015, the United States, the P5 + 1 and Iran agreed to a further one week extension until July 7, 2015. The U.S. Treasury Department has issued a guidance on the extension.http://www.treasury.gov/resource-center/sanctions/Programs/Documents/guidance_ext_20150630.pdf

The new guidance extends the JPOA Relief Period and licenses granted by the Treasury’s Office of Foreign Assets Control under its Second Amended Statement of Licensing Policies on Activities Related to the Safety of Iran’s Civil Aviation Industry until July 7, 2015. Thus, transactions that were legal during the JPOA period or pursuant to licenses granted in connection the JPOA remain permissible for another week only, unless of course there is another extension.