Covington: "Potential for Significant Sanctions Relief in Second Half of 2015" - As currently envisioned, the JCPOA would impose significant limitations on Iran’s uranium enrichment and plutonium production capabilities and subject Iran’s nuclear facilities to extensive inspections by the International Atomic Energy Agency (“IAEA”). In exchange, the United States and EU would―after the IAEA has verified that Iran has fulfilled its key nuclear commitments―suspend their “nuclear-related” sanctions against Iran, though U.S. officials emphasized that such sanctions would “snap back” into place if Iran fails to meet its commitments. Additionally, as Iran completes certain key actions, the UN Security Council would replace all of its prior resolutions imposing sanctions relating to Iran’s nuclear program ith a single, more limited resolution. #IranTalks
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Iran, Global Powers Agree to Parameters
for Long-Term Nuclear Deal
Potential for Significant Sanctions Relief in Second Half of 2015
April 3, 2015
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On April 2, 2015, the United States, the United Kingdom, France, Russia, China, Germany, the
European Union (“EUâ€), and Iran announced that they had reached consensus on the
“parameters†of a long-term deal under which Iran would significantly curtail its nuclear program
in exchange for potentially significant sanctions relief from the United States, EU, and United
Nations (“UNâ€). The parameters announced yesterday have no effect in and of themselves, as
was confirmed in guidance issued on April 3, 2015, by the U.S. Treasury Department’s Office of
Foreign Assets Control (“OFACâ€). Rather, the parameters will serve as the basis for a Joint
Comprehensive Plan of Action (“JCPOAâ€) that the parties will seek to conclude by June 30. As
the U.S. State Department noted when announcing the parameters: “Important implementation
details are still subject to negotiation, and nothing is agreed until everything is agreed.â€
As currently envisioned, the JCPOA would impose significant limitations on Iran’s uranium
enrichment and plutonium production capabilities and subject Iran’s nuclear facilities to
extensive inspections by the International Atomic Energy Agency (“IAEAâ€). In exchange, the
United States and EU would―after the IAEA has verified that Iran has fulfilled its key nuclear
commitments―suspend their “nuclear-related†sanctions against Iran, though U.S. officials
emphasized that such sanctions would “snap back†into place if Iran fails to meet its
commitments. Additionally, as Iran completes certain key actions, the UN Security Council
would replace all of its prior resolutions imposing sanctions relating to Iran’s nuclear program
with a single, more limited resolution.
With respect to potential sanctions relief, the framework announced yesterday leaves