Nuclear, EU: six-month suspension of some sanctions against Iran

After they received word from the IAEA that Tehran had stuck to its side of the deal with the E3+3 to cut back its nuclear programme, the Foreign Ministers formalized a temporary ease. Ashton: “It’s an important first step, but more work will be needed”

As promised, the EU respects its end of the deal and, after being informed that Iran has implemented the nuclear-related measures set out in the agreement, they adopted the necessary legislation to suspend certain sanctions for a period of six months, which entered into force today. The IAEA has in fact confirmed that Tehran had stuck to its side of a November deal with the E3+3 to cut back its nuclear programme, suspending part of its activity of uranium enrichment. The confirmation paved the way to the Foreign Ministers to formalize a temporary ease of some sanctions for the next six months. This is a first step towards a final solution, and the suspension period could be prolonged if approved by both E3+3 and Iran.

The sanctions the EU has lifted concern crude oil sales. For the next six months, said the Council, “the prohibition on the import, purchase or transport of Iranian petrochemical products and related services has been suspended” In addition to this, “the ban on trade in gold and precious metals with the Iranian government, its public bodies and the Central Bank of Iran has also been suspended.”

Furthermore, as foreseen by the Joint Plan of Action, the thresholds for authorising financial transfers to and from Iran have been increased tenfold in order to ease legitimate trade with Iran: from € 40,000 to € 400,000 – easing lawful trades with the country. Then, several Iranian funds will be unfreezed and will be available to humanitarian purchases and trade.

Several sanctions are to stay, however, on most of Iranian economy: for instance, on energy, financial, shipping and naval markets. The ban on trade e financial transactions with numerous companies, banks and individual is to stay as well.

“This is an important first step,” said Ms Catherine Ashton, High Representative of the Union for Foreign Affairs and Security Policy, “but more work will be needed to fully address the international community’s concerns regarding the exclusively peaceful nature of the Iranian nuclear program.” The aim, she added, is “to start negotiations about a comprehensive solution with Iran in February.

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