Further to our previous briefing, it has been announced that negotiations between the P5+1 and Iran regarding Iran's nuclear program have been further extended and will now continue until 10 July. As with previous announcements regarding the timeframe for negotiations, no steps have yet been taken by the UN, US or EU to introduce additional sanctions relief and so all previous sanctions against Iran remain in force.
From a US perspective, this new extension gives rise to the possibility that any agreement with Iran will be subject to a 60 day review by Congress under the Iran Nuclear Agreement Review Act of 2015, rather than the 30 day period which would apply if the agreement is transmitted to Congress for review by July 9. Commentators have expressed concern that there is an increased likelihood of any agreement being rejected, and ultimately collapsing, if it is not presented to Congress by July 9, providing critics of the deal with additional time to build opposition.
OFAC published a statement confirming the extension and has published revised guidance confirming that its previous sanctions relief will remain in force until 10 July.
The EU also made an announcement regarding the extension, confirming that the existing suspension of EU sanctions (agreed in November 2013) will remain in force until 10 July.
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