Pillsbury Winthrop Shaw Pittman

Interim deal on Iran sanctions policy involves limited changes

By Christopher Wall, Stephan Becker, Nancy Fischer and Aaron Hutman

Despite some confusing media reports, the interim nuclear deal reached by Iran and the P5+1 on 24 November 2013 would change very little in US and multilateral sanctions policy. These limited changes are still pending implementation by the US, the European Union (EU) and other jurisdictions. Companies as well as those active in energy markets should await implementation and moderate expectations.

The P5+1 (the US, the UK, France, China, Russia and Germany) reached an interim agreement with Iran on 24 November, 2013 aimed at limiting Iran’s uranium enrichment and potential for nuclear weapons development. The announcement followed several months of secret talks and, more recently, high-profile negotiations in Geneva. The interim agreement is scheduled to last for six months, with the possibility of renewal, and parties will negotiate toward a potential final agreement during that time period.

In exchange for restrictions on Iran’s activity relating to enrichment, remediation of existing uranium stockpiles and inspections, the P5+1 agreed to limited concessions on sanctions…

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