Iran Sanctions

May 18, 2016

Author: 

Kenneth Katzman

Publication: 

Congressional Research Service

Summary

The comprehensive nuclear accord (Joint Comprehensive Plan of Action, or JCPOA), finalized on July 14, 2015, provides Iran broad relief from U.S., U.N., and multilateral sanctions on Iran’s energy, financial, shipping, automotive, and other sectors. Sanctions were suspended or lifted upon the International Atomic Energy Agency (IAEA) certification on January 16, 2016, that Iran had complied with the stipulated nuclear dismantlement commitments under the agreement (“Implementation Day”). Iran is now able to freely export crude oil and to access its foreign exchange reserves held in foreign banks - a net amount (gross amount minus what is committed to creditors) of nearly $60 billion. On Implementation Day, Administration waivers of relevant sanctions laws went into effect and relevant Executive Orders were revoked through a new Executive Order 13716.

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