Emergency Contact Iran Sanctions Update Home Latest updates Publications Iran Sanctions Update 23 Jan 2014 Download page as PDF Sign up for alerts This Circular addresses the changes in EU and US sanctions measures relating principally to transportation and insurance of oil, petroleum and petrochemical cargoes from Iran. These measures came into effect from Monday 20th January when the International Atomic Energy Agency (IAEA) confirmed that Iran complies with the nuclear measures in the Joint Plan of Action (JPoA). On 24th November 2013, China, France, Germany, the Russian Federation, the United Kingdom and the United States reached an agreement with Iran on its nuclear programme. Part of the JPoA relies on the implementation of measures to be taken by both sides for a duration of six months and includes partial relief from EU and US Iran sanctions in exchange for IAEA access to Iran’s nuclear installations and enrichment plants. The sanctions relief measures, which take the form of temporary suspension of certain current sanctions, are limited in scope and duration requiring the implementation of legislative amendments in both the European Union Member States and US. It should be noted that sanctions will be reinstated if the commitments and undertakings in the JPoA are not fulfilled. The effects of these measures are set out below. They are based on the information contained in the JPoA and on clarifications obtained by the International Group during its recent engagement with EU and US regulators. Further details of the JPoA can be found by using the below web link: www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140120.aspx 1. EU Measures   1.1           Timing The European Commission issued an Implementing Regulation and an EU Council Decision giving effect to the political objectives set out in the Joint Plan of Action on 20th January. The Regulation will mirror the Commission Proposal