Client Alert: EU Proposes Legislation to Ease Sanctions on Iran

The EU is in the process of taking a binding first step towards the implementation of the Iran Joint Plan of Action agreed last November, by lifting a number of sanctions against Iran. In particular, the European Commission and EU High Representative for Foreign Affairs and Security Policy are currently jointly proposing to, inter alia, increase the funds transfer thresholds and suspend existing prohibitions on (i) the provision of insurance and reinsurance and transport for Iranian crude oil, (ii) the import, purchase or transport of Iranian petrochemical products (and related services), and (iii) certain trade in silver, gold and precious metals.

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