Recent changes in international sanctions against Iran
Type
E-journal
Date
20 Feb 2014
Jurisdiction
Iran, World, European Union
Taxonomy
Atomic Energy & Radioactive Substances, Sanctions, Settlement of International Disputes, International Institutions & Organisations
Copyright
LexisNexis
Relevant company
Taylor Wessing (Middle East) LLP
Analysis
Following the completion of recent negotiations between Iran and the so-called “P5+1”, being the United States, United Kingdom, France, China, Russia and Germany, an interim deal relating to sanctions against Iran referred to as the Joint Plan of Action (“JPOA”) was reached on 24 November 2013. Under the JPOA and the agreement made by the EU/US/UN to execute the JPOA, Iran has agreed to cooperate with the International Atomic Energy Agency (“IAEA”) in relation to its nuclear activities. In return the EU/US/UN has agreed to provide some limited relief to international trade sanctions which are currently in force.
The JPOA is intended to set out the first steps of a long-term agreement between the P5+1, EU members and Iran.
Iran has committed in the JPOA to undertake the following:
• Cease the production of certain enriched uranium and to disable the configuration of the centrifuge cascades used to produce the uranium;
• Cease production of additional uranium enrichment facilities;
• Cease additional research and development practices into uranium enrichment;
• Permitting IAEA inspectors to visit certain uranium enrichment sites on a monthly basis.