On 18 October 2015, the Council of the EU adopted the legal acts for the lifting of all the nuclear-related economic and financial EU sanctions against Iran.
First, Council Decision (CFSP) 2015/1863 amends Council Decision 2010/413/CFSP concerning restrictive measures against Iran . It provides for the termination of all Union nuclear-related economic and financial restrictive measures. Moreover, it provides for certain measures in accordance with United Nations Security Council Resolution (UNSCR) 2231 (2015) endorsing the Joint Comprehensive Plan of Action of 14 July 2015 (JCPOA) on the Iran nuclear issue. It also introduces an authorization regime for reviewing and deciding on nuclear-related transfers to, or activities with, Iran not covered by UNSCR 2231 (2015).
Second, Council Regulation (EU) 2015/1861 of 18 October 2015 gives effect to Council Decision (CFSP) 2015/1863 by amending Regulation (EU) No 267/2012 concerning restrictive measures against Iran.
Third, Council Implementing Regulation (EU) 2015/1862 of 18 October 2015 amends Annex VIII of Regulation (EU) No 267/2012 by deleting persons and entities that are listed there.
These three legal acts will take effect only after completion of the verification by the International Atomic Energy Agency (IAEA) confirming that Iran has implemented the agreed measures. This verification is expected to take place end 2015 or beginning 2016.
The EU's commitment to lift all Union nuclear-related restrictive measures in accordance with the JCPOA is without prejudice to the dispute-resolution mechanism specified in the JCPOA and to the reintroduction of Union restrictive measures in the event of significant non-performance by Iran of its commitments under the JCPOA (Council Declaration 2015/C 345/01).
This alert was published on the blog of GreenLane, "the Association of European Customs and Trade Law Firms"
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.