Financial And Economic Sanctions Update

Amendment to the Iran Sanctions

On 14 July 2015, the E3/EU+3 (China, France, Germany, Russia, UK, USA, EU) and Iran reached an agreement on a Joint Comprehensive Plan of Action (the "JCPOA"), the implementation of which is intended to ensure the peaceful nature of Iran's nuclear programme.

"Implementation Day" for the JCPOA occurred on 16 January 2016, when the International Atomic Energy Agency reported positively on the agreed measures taken by Iran under the JCPOA. Consequently, all provisions of previous UN Security Council resolutions on the Iranian nuclear programme were terminated and the EU simultaneously terminated (or in some cases suspended) nuclear related financial and economic sanctions against Iran.