The European Union has announced that it will suspend some of its Iranian sanctions regime once the International Atomic Energy Agency (“IAEA”) has verified Iran’s compliance with the terms of the Joint Plan of Action (“JPA”) agreed between the E3+3 and Iran in Geneva.

The JPA was agreed on 24 November 2013 and envisages that Iran will refrain from enriching uranium over 5% for 6 months, and dilute half of its current stockpile of 20% uranium to 5% uranium, in addition to other measures. In return, the EU will suspend a host of economic sanctions, including some of those currently targeting the Iranian petrochemicals and precious metals industries, and will along with its partners, ensure

Council press release (PDF)

Joint Plan of Action (PDF)

A Reuters article regarding this issue