Suspension of EU Sanctions

Suspension of EU Sanctions

Dear all,

with reference to JCPOA signed in Vienna on 14/7/2015 between Iran and 5+1 please note that

the EU has now prolonged until 14 January 2016 the suspension of EU sanctions agreed in the Joint Plan of Action with Iran dated 24 November 2013  to “allow the EU to make the necessary arrangements and preparations for the implementation of the new Joint Comprehensive Plan of Action”.

Therefore alla activities on Iran will be handled as it has been since now. No Changes.

In addition the JCPOA is based no the principle  based on “not trust but verification”, therefore an enhanced  diligence / compliance verification will be required when the sanctions will be lifted.

The day  of lifting is not yet in calendar but has been defined as “Implementation Day” which is the date on which the IAEA (International Atomic Energy Agency) report will verify implementation by Iran of the nuclear-related measures set out in the JCPOA. On that day:

UN: The E3+3 will submit a draft resolution to the UN Security Council endorsing the JCPOA and providing for termination of all Security Council resolutions imposing Iranian nuclear sanctions, “subject to re-imposition in the event of significant non-performance by Iran of JCPOA commitments” (the so-called “snap back”).

EU & USA: The EU and USA will terminate all of the EU / US Iranian nuclear sanctions listed in Annex II to the JCPOA.

This means that the EU will adopt a Regulation terminating all of its Iranian nuclear sanctions (ie Council Regulation (EU) No 267/2012 as amended). This includes asset freezes & travel bans on designated people & entities, restrictions on banking, insurance & reinsurance, SWIFT, oil, gas, petroleum, shopping & metals restrictions.

The US, acting “pursuant to Presidential authorities” will “seek such legislative action as may be appropriate” to terminate its nuclear related sanctions and will issue waivers… ceasing the application of the statutory nuclear-related sanctions”.

Then on “Transition Day”, all remaining sanctions provisions will terminate. Transition Day is the date 8 years after Adoption Day (which is 90 days after endorsement of the JCPOA by the Security Council or an earlier date if agreed) or the date on which the IAEA has reached the “Broader Conclusion” that all nuclear material in Iran remains in peaceful activities (whichever is earlier).

EIFEC

You may Download the Agreement here

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