Extension of Iranian Sanctions Relief
On 24 November 2014, the P5+1 (the United States, United Kingdom, Germany, France, Russia, and China, coordinated by EU High Representative Catherine Ashton) and Iran affirmed that they will continue to implement the commitments described in the Joint Plan of Action, and thus the U.S. government and the EU have extended the limited sanctions relief provided for in the JPOA until 30 June 2015.
There is therefore no material change to the sanctions against Iran. They remain in place save for the limited and specific sanctions relief introduced on 20 January 2014 and which has now been extended until 30 June 2015.
The U.S. Office of Foreign Asset Control (“OFAC”) has issued new Guidance relating to the extension of the sanctions relief and published new FAQ’s.