The Joint Comprehensive Plan of Action (“JCPOA”) that was signed on July 14, 2015 among Iran and the United States, Germany, UK, France, Russia and China (referred to as “P5+1” in the United States and “E3+3” in the EU) could lead to a dramatic reduction in international sanctions against Iran and has the potential to open up major business opportunities in Iran for global companies. Over the short term, however, not much is going to change, as formal implementation of the JCPOA and enactment of sanctions relief is at best many months away. Set forth below is a brief summary and outline of JCPOA implementation and potential sanctions relief.