Limited Iran sanctions relief

Limited Iran sanctions relief

As of 20 January, the U.S. and EU have provided for a temporary suspension of sanctions on Iran petrochemical exports, including insurance and other associated services.

The sanctions relief follows up the agreement reached between China, France, Germany, the Russian Federation, the United Kingdom and the U.S., supported by the High Representative of the European Union for Foreign Affairs and Security Policy, and Iran on 24 November 2013. In return for Iran halting the progress of its nuclear program, the 6 partners + EU would committ to provide Iran with a limited, targeted, and reversible sanctions relief for a six-month period.

The suspension of sanctions does not reinstate, or make permissable, the transport and related insurance activities of oil and petroleum cargoes that are not destined for the U.S. National Defence Auhorisation Act (NDAA) waivered countries. The NDAA coutnries are currently: China, India, Japan, Republic of Korea, Taiwan and Turkey.

EU Council Regulation 2013/0452

U.S. Guidance to temporary sanctions relief