Iran Sanctions Circular on the Extension of Sanctions Relief under the Joint Plan of Action 28 July 2014 No.14-007 Download PDF (197KB) This Circular should be read in conjunction with the circulars No.13-022 dated 20 January 2014, No.13-024 dated 29 January 2014 and Japan P&I News No.675 dated 22 July 2014 regarding the temporary relief of EU and US sanctions measures relating principally to transportation and insurance of petrochemical cargoes from Iran and Iranian crude to NDAA [1] waiver countries. By way of background, on 24 November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States (the P5+1) reached an agreement with Iran on its nuclear programme and jointly published a Joint Plan of Action (JPoA) which included the implementation of a temporary suspension of certain transportation and insurance prohibitions measures for a period of six months with effect from 20 January 2014. Timing The six month temporary suspension period expired on 20 July 2014. Subject to the parties to the JPoA meeting certain conditions, it has been agreed that a further period of temporary suspension of prohibition measures will apply until 24 November 2014. The United States has issued FAQs and Guidance through the Office of Foreign Assets Control and Department for State. The European Union has issued Council Decision 2014/480/CFSP of 21 July 2014, but it has not amended implementing Regulation 2014/42/EU so this Regulation remains in force in its original form extended beyond 20 July 2014 to 24 November 2014. It should also be noted that the temporary suspension of prohibitions may be withdrawn and the prohibitions reinstated with immediate effect if the commitments and undertakings on the part of Iran in the JPoA are not fulfilled. General issues to note In reviewing the extension of the sanctions suspension measures discussed briefly below, two important points in relation to these measures should be borne in mind by shipowners and