Category Archives: Joint Plan of Action (JPOA) Updates

Joint Plan of Action (JPOA) Updates

07.17.15
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July 16, 2015: HMT issues Iran sanctions relief notice

Dear Subscribers,

On 14 July 2015, The E3+3 (UK, France, Germany, Russia, China and US) the EU and Iran reached a comprehensive agreement on Iran’s nuclear programme. The successful implementation of the Joint Comprehensive Plan of Action (JCPoA)will ensure the exclusively peaceful nature of the Iranian nuclear programme and provide for the lifting of all nuclear-related sanctions.
Joint Plan of Action to allow for the necessary arrangements and preparations for the implementation of the JCPoA. The suspension of the restrictive measures specified in the Joint Plan of Action is therefore extended until 14 January 2016 under EU Council Decision 2015/1148. In practice this means sanctions against Iran in EU Regulation 267/2012 (as amended), including the current thresholds for prior notification or prior notification of Iran transfers are unchanged. This guidance remains in force.
If you have any other questions regarding this email please do not reply to it but contact:financialsanctions@hmtreasury.gsi.gov.uk.
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07.02.15
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June 30, 2015: OFAC extends temporary Iranian sanctions relief

Continuation of Certain Temporary Sanctions Relief Implementing the Joint Plan of Action, as Extended
6/30/2015
Today, the P5 + 1, EU, and Iran decided by mutual consent to extend the JPOA for seven days in order to continue negotiations to reach a comprehensive solution.
Accordingly, the Department of the Treasury's Office of Foreign Assets Control (OFAC) today is publishing on its Web site the following Guidance on the Continuation of Certain Temporary Sanctions Relief Implementing the Joint Plan of Action, as Extended.

Links:

OFAC Notice

OFAC Guidance

 

04.20.15
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April 3, 2015: OFAC Issues updated Iran guidance

Based on the agreement on parameters for a Joint Comprehensive Plan of Action (JCPOA), which will replace the Joint Plan of Action (JPOA) of temporary sanctions relief, if negotiations complete successfully by June 30th, OFAC has issued guidance which states, basically, that nothing has changed:

    • The parameters announced on April 2, 2015 for a Joint Comprehensive Plan of Action (JCPOA) by the P5+1 and Iran do not immediately relieve, suspend or terminate any sanctions on Iran. The only sanctions relief in force is the relief provided pursuant to the Joint Plan of Action (JPOA) reached on November 24, 2013 and extended through June 30, 2015.

    • The parameters announced on April 2, 2015 provide a path for sanctions on Iran to be suspended and eventually terminated in exchange for IAEA verified implementation by Iran of its key nuclear commitments.

    • As of today and until a JCPOA is concluded, other than the sanctions relief provided under the JPOA, all U.S. sanctions remain in place and will continue to be vigorously enforced.

Links:

OFAC Notice

Guidance on Iranian sanctions

 

07.22.14
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Iran Joint Plan of Action deadline extended to November 24, 2014

The P5+1 or E3+3, depending on who's writing the press release, have made progress in their talks with Iran over the future of Iran's nuclear program, but not enough to finish by the July deadline. So, they've agreed to extend sanctions relief until November 24th.

Links:

UK Press Release

OFAC Press Release

OFAC Sanctions Relief Guidance Document

OFAC Amended Licensing Policy with regards to Iranian Civil Aviation Industry

OFAC Sanctions Relief FAQ