On November 24, 2013, the United States and its partners in the P5+1(China, France, Germany, Russia, the United Kingdom, and the United States, coordinated by the European Union’s High Representative) reached an initial understanding with Iran, outlined in a Joint Plan of Action (JPOA), that halts progress on Iran’s nuclear program and rolls it back in key respects. In return for Iran’s commitment to place meaningful limits on its nuclear program, the P5+1 committed to provide Iran with limited, targeted, and reversible sanctions relief. In furtherance of the U.S. Government’s (USG) commitments under the JPOA, the U.S. Department of State and the U.S. Department of the Treasury implemented sanctions relief relating to certain activities and associated services taking place exclusively during the six-month period beginning on January 20, 2014, and ending July 20, 2014.
The JPOA was renewed by mutual consent of the P5+1 and Iran on July 19, 2014, and November 24, 2014, extending the temporary sanctions relief provided under the JPOA to allow the P5+1 and Iran to continue to negotiate a long-term comprehensive solution to ensure that Iran’s nuclear program will be exclusively peaceful. During the period begin ning on January 20, 2014, and ending on June 30, 2015 (JPOA Relief Period), the sanctions relief the USG committed to during the JPOA will be implemented as set out below. The USG retains the authority to revoke this limited sanctions relief at any time if Iran fails to meet its commitments under the JPOA.
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