Iran / P5+1 Talks Extended till November: What does it mean for sanctions?

The so-called P5+1 and Iran have decided to extend talks on Iran’s nuclear program for another four months – extending the deadline (which would have been today) till November. What this effectively means is that the sanctions relief afforded Iran is similarly going to be extended. But how will this affect the compliance and business world?

Back in November 2013, the parties entered into an interim agreement whereby in exchange for certain nuclear concessions, Iran received certain limited sanctions relief, such as the ability to procure certain spare parts for civilian aircraft, and a lifting of certain secondary sanctions, such as those on precious metals, the automotive sector, and others.  That relief was extendable, and that is what will happen now. 

How does this affect business though? While the fact that a permanent agreement was not reached does infuse some uncertainty into the business world and dealings with Iran in permissible areas, it will further serve to “detoxify” the proposition of doing business with Iran. We may see more logistical and other actors coming back onto the scene, which can help grease the wheels of legitimate trade.  In other words, it may be easier to say, export medicine than it was before, as maybe more banks will be willing to get into that field. 

Real momentous change will surely come only in the event of a complete accord with Iran. Even that will not lift all the US sanctions against Iran, as these sanction began very long before the nuclear file became the issue it is today. The question remains as to what the US will offer Iran once the final deal is reached, if it is indeed reached.

An international trade compliance (sanctions, export controls, customs, anti-corruption) and defense lawyer.

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Akrivis Law Group, PLLC
Washington, DC

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This website aims to provide notes and commentary on international legal, business, and political developments in economic and other sanctions. It is intended solely for information and entertainment purposes and should in no way be construed as legal advice. Laws, regulations, and policies change from time to time so some information on older posts can very easily be dated. If you have any questions or are unclear on any of the subject matters addressed or discussed on this site, please consult a licensed legal professional. Views presented in the comments and outside links do not necessarily reflect those of the website author. All external links on this website to articles and documents are external and provided for informational purposes only. They have no relation to the author of this website unless specified otherwise.

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