Emergency Contact Iran Sanctions Circular on the Extension of Sanctions Relief under the Joint Plan of Action Home Latest updates Publications Iran Sanctions Circular on the Extension of Sanctions Relief under the Joint Plan of Action 1 Aug 2014 Download page as PDF Sign up for alerts Iran Sanctions Circular on the Extension of Sanctions Relief under the Joint Plan of Action Circular 10 – 2014 1st August 2014 To All Members, This circular should be read in conjunction with the circular published on 28th January 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 NDAA1 waiver countries. By way of background, on 24th 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 20th January 2014. Timing The six month temporary suspension period expired on 20th 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 24th 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 21st July 2014, which remains in force in its original form, but has now been extended to 24th 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 It should also be noted that the temporary suspension of prohibitions may be withdrawn and the prohibitions reinstated with immediate effect if the commitments and undertakings on the part of Iran in the JPOA are not fulfilled.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 sa