Iran sanctions partly suspended following EU meeting

Europe's foreign ministers today suspended certain EU restrictive measures against Iran for a period of six months as part of the implementation of the Joint Plan of Action agreed by Iran and the EU, which enters into force today.

By putting the sanctions relief in place, the EU has implemented its part of the first step towards a comprehensive solution to address concerns about the Iranian nuclear programme.

Today's decision lifted the prohibition on the provision of insurance and transport in relation to Iranian crude oil sales to its current customers.

In addition, the prohibition on the import, purchase or transport of Iranian petrochemical products and related services has been suspended.

To enable the transport of Iranian crude oil and petrochemical products, the prohibition on the provision of vessels was also suspended.

The ban on trade in gold and precious metals with the Iranian government, its public bodies and the Central Bank of Iran was also suspended.

As foreseen by the Joint Plan of Action, the thresholds for authorising financial transfers to and from Iran have been increased tenfold in order to ease legitimate trade with Iran.

The suspension will last for a period of six months during which relevant contracts will have to be executed.
 The remainder of the EU sanctions against Iran remain in force.

For more details about them and on EU-Iran relations, see factsheet European Union and Iran.

EU sanctions apply in the EU, to EU nationals as well as to entities incorporated under the law of a member state. For more information, see factsheet EU restrictive measures.

See also: Joint Plan of Action between the E3/EU+3 and Iran