On 14 July 2015, the E3/EU+3 states (US, Russia, China, UK, France and Germany together with the EU) and Iran agreed a Joint Comprehensive Plan of Action (JCPOA) which is designed to ensure that Iran's nuclear program will be exclusively peaceful.
The JCPOA provides Iran with phased sanctions relief after "Implementation Day". At this early stage in the process it is difficult to anticipate the timescale by which the current legislation in the EU and US will be repealed or rolled back and "Implementation Day" will not occur until the International Atomic Energy Agency (IAEA) has verified that Iran has implemented key nuclear commitments.
At this stage there is no change to the current EU and US sanctions regimes and members must continue to comply with all applicable sanctions legislation.
The limited relief available under the under Joint Plan of Action (JPOA) reached in November 2013 will remain in place until 14 January 2016.
The Association will keep members informed of developments and more information is available on Insight: Iran sanctions.