Iran Nuclear Sanctions Being Lifted

12/09/2015

Trade relations with Iran and the legal framework that governs them are going to be changing markedly in the near future as longstanding trade sanctions which were implemented to curtail Iran’s nuclear capabilities are being lifted. The Iran nuclear deal, more formally known as the Joint Comprehensive Plan of Action (JCPOA), has come into effect as of “Adoption Day” on October 18, 2015. It survived both the 60-day U.S. Congressional review period which concluded on September 17 and opposition from hardliners in Iran’s parliament, which approved the deal on October 13. Although Adoption Day had already occurred, the deal overcame its final hurdle a few days later on October 21 when it finally won approval from Iran’s Supreme Leader Ayatollah Khamenei. Agreed upon between Iran and its negotiating partners – the United States, United Kingdom, France, Russia, China, Germany and the European Union – the JCPOA will roll back Iran’s nuclear program and subject Iran to years of international monitoring in exchange for sanctions relief.

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