(MENAFN- Kuwait News Agency (KUNA)) The EU Tuesday evening published on its Official Journal its legal decision to prolonge suspension of sanctions on Iran until 30 June 2015.
This follows the agreement by P5+1 (China, France, Britain, Russia, the US plus Germany) and Iran in talks in Vienna on Monday to put off the deadline for a comprehensive deal on Iran's nuclear programme until 30 June.
The EU in a statement noted that on 24 November 2013 the P5+1 reached an agreement with Iran on a Joint Plan of Action which sets out an approach towards reaching a long-term comprehensive solution to the Iranian nuclear issue.
It was agreed that the process leading to this comprehensive solution would include, as a first step, initial mutually-agreed measures to be taken by both sides for a duration of six months and renewable by mutual consent.
As part of this first step, Iran would undertake a number of voluntary measures as specified in the Joint Plan of Action. In return, a number of voluntary measures would be undertaken which would include, for the EU, the suspension of sanctions.
The suspension allows the provision of insurance and transport in relation to Iranian crude oil sales to current customers, the import, purchase or transport of Iranian petrochemical products, as well as trade in gold and precious metals with the Iranian government and its public bodies.
The increase in thresholds for authorising financial transfers to and from Iran also remains in force, it said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.