Joint Comprehensive Plan of Action. Iran and the P5+1 reached a plan related to sanctions relief on July 14, 2015. The plan provides phased sanctions relief following the IAEA verification that Iran has taken its nuclear related steps. “Implementation Day” of the plan took place in January 2016. As for the U.S., the Plan relieves, among others, “nuclear-related” secondary sanctions, the broad U.S. trade embargo applicable to U.S. persons, with limited exceptions (including commercial passenger airlines, parts and services, foreign subsidiaries, and imports of Iranian-origin carpets and foodstuffs), the removal of over 400 individuals and entities from the SDN-list (note that the Government of Iran and Iranian Financial Institutions will remain blocked pursuant to the ITSR). Further, U.S. sanctions relief under the JCPOA can be “snapped back” if Iran fails to comply with the JCPOA.  The JCPOA has main text (paragraphs 18-33 relate to sanctions relief) and five annexes, including Annex II which covers Sanctions-related Commitments. US commitments are covered in Section 407, attachments 3-4) and EU commitments are covered in section 1-3, attachments 1-2). Annex V includes the implementation plan. It is important to read the “main text, Annex II and Annex V to understand the scope and timing of relief. Footnotes also contain important information. JCPOA Full Text, Annexes, and Attachments: http://www.state.gov/e/eb/tfs/spi/iran/jcpoa/index.htm

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