Four more months – measured sanctions relief for Iran

On 19 July 2014, the United States, the United Kingdom, Germany, France, Russia, and China (the “P5+1”) and Iran mutually consented to extend the Joint Plan of Action (JPOA), reached by the parties on 24 November 2013, for an additional four-month period, to 24 November 2014. The JPOA provides for limited, temporary, and reversible relief from certain US and EU sanctions targeting Iran in exchange for Iran taking specified steps as the parties continue negotiating a long-term agreement to ensure that its nuclear programme is used exclusively for peaceful purposes. Peter Flanagan and David Lorello of Covington & Burling review the nuances in the accompanying documentation.