The EU Council has extended until 28 January 2016 the suspension of certain EU restrictive measures against Iran. This extension is a technical measure in order to allow time for the implementation of the Joint Comprehensive Plan of Action (“JCPOA“) nuclear deal of 14 July 2015. The EU sanctions relief was first specified in the he Joint Plan of Action of November 2013 and it was extended for another six months until 14 January 2016, following the agreement of the JCPOA nuclear deal last year. According to the relief the EU would:
- Not pursue new nuclear-related sanctions;
- Suspend certain nuclear-related sanctions on petrochemicals, gold and precious metals;
- Facilitate financial transfers for non-sanctioned trade, including for humanitarian purposes, such as food and medicines; and
- Suspend the prohibition on the provision of insurance and transport in relation to Iranian crude oil.
The official EU Council press release can be found here.