Iran sanctions update: EU suspends certain sanctions for six months

In this update, Walker Morris sets out the latest developments regarding the EU sanctions against Iran.

At the end of November 2013, the P5+1 (the US, the UK, Germany, France, Russia and China) reached an agreement with Iran whereby Iran would curb its nuclear programme in return for a reversible suspension of certain trade restrictions against it under the EU and US sanctions regimes. The suspension shall apply for an initial period of six months but is contingent upon Iran’s continued compliance with the November agreement.

International Atomic Energy Agency inspectors have now confirmed that Iran has complied with its initial obligations under the November agreement and, from 20 January 2014, the EU has suspended certain sanctions including, as set out further below, the (re)insurance and transportation of Iranian crude oil, the trade of gold and precious metals and the transportation, purchase and (re)insurance of Iranian petrochemicals…

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