The 90 days period after the UN passed a resolution endorsing the Joint Comprehensive Plan of Action nuclear deal (“JCPOA”) between the E3/EU+3 and Iran, has passed and both sides will now formally adopt the deal (see our: JCPOA Client Advisory).
Adoption day, the formal adoption of the JCPOA, means that the EU and US will have to start making preparations to lift the Iran nuclear sanctions, once it is confirmed by the IAEA that Iran has met its commitments under the JCPOA. Meaning that Iran has to start dismantling the proliferation-sensitive components of its nuclear facilities and that Iran is also dramatically reducing its uranium stockpiles. For the EU, this means introducing measures providing for the Iran nuclear sanctions to be lifted, and in the US President Obama will officially notify the US Congress of his intention to issue provisional waivers, and will direct government departments to prepare for implementation.
The next step under the JCPOA is “Implementation Day”, which will take place once Iran is verified to have complied with the deal and the sanctions relief measures adopted from now on take effect.