EU Member States have decided to suspend for at least six months a number of EU sanctions applicable to Iran following an international agreement with Tehran on its nuclear programme, reached on 10 January. In 2012 EU Member States had enforced an oil embargo and restrictive financial boycotts due to the country’s ambivalent stance regarding its nuclear facilities.

More precisely, the European Union will not pursue new nuclear-related EU sanctions and suspend following sanctions:

• The prohibition on the import, purchase or transport of Iranian petrochemical products. The suspension will also cover the provision of all related services such as financing, financial assistance, insurance and reinsurance, including for third States.
• The prohibition on trade in gold and precious metals with the government of Iran, its public bodies and the Central Bank of Iran, or persons and entities acting on their behalf. The suspension will also cover related services such as transportation.
• The prohibition on the provision of insurance and transport in relation to Iranian crude oil. This suspension will allow the provision of transportation and insurance services to third states importing Iranian oil. 

Furthermore,the EU will facilitate financial transfers for non-sanctioned trade, including for humanitarian purposes, such as food and medicines, by increasing tenfold all the EU authorisation thresholds.

The Council decision follows the IAEA’s (International Atomic Energy Agency) verification of the implementation of the nuclear-related measures by Iran.

The new provisions will be directly applicable in all EU Member States and can be found here.