‘Implementation Day' declared as EU and US sanctions against Iran are eased
Type
E-journal
Date
18 Jan 2016
Jurisdiction
Iran
Taxonomy
General Commercial Law, General Company Law & Business Entities, Sanctions, Oil & Petroleum
Copyright
LexisNexis
Relevant company
Clyde & Co
Analysis
The International Atomic Energy Association (IAEA) issued a report on Saturday (16 January 2016) confirming that Iran has completed the necessary preparatory steps to start the implementation of the Joint Comprehensive Plan of Action, triggering much awaited sanctions relief from the EU and US.
The European Union has lifted all sanctions which had targeted, amongst others, Iran's oil, gas, shipping, petrochemicals, insurance and financial sectors. Over 400 entities that have previously been designated for asset freezes by the EU have also been delisted.