As we previously reported, the “P5+1” countries (the United States, United Kingdom, Germany, France, Russia and China) agreed in January 2014 to a Joint Plan of Action (JPOA) with Iran in an effort to stop the advance of Iran’s nuclear program and ensure it will be used exclusively for peaceful purposes. Under this plan, the P5+1 countries agreed to limited Iranian sanctions relief for a period of six months, which would have expired on July 20, 2014.
On July 19 the P5+1 countries and Iran mutually agreed to continue implementing the commitments described in the JPOA, and the U.S. government has extended through November 24, 2014 the sanctions relief provided in the JPOA. In doing so, the U.S. government retains the authority to revoke this limited sanctions relief at any time if Iran fails to meet its commitments under the JPOA.
This extended temporary relief will continue limited relaxation of sanctions in the following areas:
- Iran’s purchase and sale of gold and other precious metals
- Iran’s export of petrochemical products
- Iran’s export of crude oil
- Iran’s automotive industry
- Iran’s civil aviation industry
- Facilitation of humanitarian and certain other transactions
Except for the limited and temporary relief provided pursuant to the JPOA, all U.S. sanctions remain in effect, including financial sanctions, those pertaining to the purchase of Iranian crude oil, and sanctions on investment in Iran’s energy and petrochemical sectors. Further, the relief provided in the JPOA only pertains to conduct and transactions fully completed during the now extended suspension period.