The International Atomic Energy Agency (IAEA) has confirmed that Iran has complied with the provisions of the Nuclear Agreement, which triggered Implementation Day and paved the way for the lifting of sanctions, largely lifting the EU’s not directly proliferation-related economic and financial sanctions and partially lifting those of the US. The listing of companies and persons has also been unlisted. Especially in the energy and financial sector, the far-reaching Iran sanctions are history.
Implementation Day is the day on which the IAEA states that Iran has fulfilled all conditions. Initially it was expected that Iran sanctions could only be lifted at the end of the first quarter of 2016; now it has been considerably faster.
Abolition of EU sanctions
The EU’s Implementing Regulation (EU) No. 2015/1862 stipulates which persons and organisations will be removed from the sanctions list on Implementation Day. These include well-known Iranian organisations such as the National Iranian Oil Company (NIOC) or the National Iranian Tanker Company (NITC), the European-Iranian Trade Bank and the Iranian State Shipping Company IRISL.
The implementing regulation (EU) 2015/1861 states that the sanctions against the Iranian oil and gas sector will now end. The export bans on these sectors and the ban on providing technical assistance and investment in these sectors have been lifted. It also removes sanctions in the shipping and shipbuilding sectors. Payment restrictions will also be lifted.
Regulations (EU) 2015/1861 and 2015/1862 entered into force on 16 January 2016. This was announced in the Official Journal of the EU of 16.01.2016 (OJ CI 15/1).
Abolition of US sanctions
The US sanctions are now only being lifted in part. Initially, only non-Americans in the energy and shipping/shipbuilding sectors will be exempted from sanctions. For Americans, the sanctions will continue to apply, which will initially not allow payment transactions in dollars in particular.
Resurgence of Iran sanctions
However, under a snap-back mechanism, the sanctions will be revived if there are breaches of fundamental obligations under the JCPOA.
Compliance with export control law
Please note that even though the sanctions have largely been lifted, the provisions of German foreign trade law and export control still apply, including in particular export licences for dual-use goods. Moreover, it must always be ensured that neither the continuing arms embargo nor the nuclear and proliferation-related sanctions are violated.
Companies that want to export to Iran for the first time should in any case have their export controls checked for compliance guidelines.