Implementation Day Arrives: Sanctions on Iran are Lifted -
Status update on the effect to US and EU Sanctions -
Implementation Day – the day the International Atomic Energy Agency (“IAEA”) announced that Iran had fully implemented its nuclear-related commitments under the Joint Comprehensive Plan of Action (“JCPOA”) – fell last month on January 16. The JCPOA is an agreement between the EU, the P5+1 countries (China, France, Russia, the United Kingdom, the United States, and Germany) and Iran. Under the JCPOA, the EU and the P5+1 countries agreed to provide Iran with sanctions relief in exchange for Iran’s commitment to scale back its nuclear program. On Implementation Day the U.S. and the EU are obligated to cease the application of certain nuclear-related sanctions against Iran. Part A of this article will discuss the effect on the U.S. sanctions, and Part B will discuss the effect on the EU sanctions.
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