Iran sanctions — November 2013 agreement

Over recent weeks, the P5+1 (the US, the UK, Germany, France, Russia and China) have been engaged in discussions with Iran with the aim of reaching an agreement over Iran’s nuclear programme. As has been widely reported in the press, on 23–24 November 2013, the parties reached an initial agreement to ease certain specific sanctions in return for action by Iran. This agreement is intended to last for a period of six months and has been described by the US as a ‘first-step understanding’.

In return for action by Iran on its nuclear programme, the intention is that the P5+1 will provide ‘limited, temporary, targeted and reversible relief to Iran’. Such relief is intended to include a suspension of sanctions on gold, precious metals and Iran’s petrochemical exports. While there may be an easing of certain sanctions, the US has indicated that a vast majority of the existing restrictions will remain in place, including those on the banking sector and crude oil, and that the P5+1 will continue to enforce these vigorously…

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