The European Union’s High Representative for Foreign and Security Policy and Iranian Foreign Minister have today announced that after prolonged negotiations, the E3/EU+3 countries (the US, UK, France, China, Russia and Germany) have agreed to lift sanctions against Iran in return for various commitments from Iran on its nuclear activity.

Whilst the full details of the Joint Comprehensive Plan of Action (“JCPOA”) have not yet been published, it reportedly provides that the E3/EU+3 will lift sanctions including those in respect of trade, technology, finance and energy (see here for details of the sanctions), whilst Iran reaffirms that it will never “seek, develop or acquire any nuclear weapons” and will allow the UN to inspect military sites in Iran (although allowing Iran the right to challenge access requests).  It is also reported that sanctions could be restored in 65 days if Iran violates the terms of the agreement and that arms embargoes will remain in place for 5 years.