|EU lifts some Iran sanctions||
TEHRAN – The European Union agreed to suspend some economic sanctions against Iran on Monday as part of a ground-breaking nuclear deal under which Tehran has scaled back its nuclear work, Reuters quoted diplomats as saying.
Iran and six world powers on Monday started implementing the Geneva nuclear deal according to which Tehran is to limit its nuclear activity and the United States and the European Union are to ease some economic sanctions for six months.
White House spokesman Jay Carney also said on the same day that Washington will follow through on a commitment to provide sanctions relief.
Following are details of the sanctions lifted by the EU, provided by EU officials.
- Any transactions have to be conducted via banks which are not covered by EU sanctions;
- All contracts have to be executed before the six-month suspension of sanctions expires on July 20, unless the suspension is extended;
Transport and insurance of crude
- Suspension of the prohibition on the provision of insurance and transport in relation to Iranian crude oil;
- Covers only crude, no other petroleum products;
- Allows the provision of transportation and insurance services to third states importing Iranian oil (India, China, Japan, South Korea, Turkey and Taiwan);
- Covers leasing of vessels to transport Iranian oil;
- It is still prohibited to provide services to Iranian companies targeted by EU sanctions, meaning EU insurers cannot provide insurance if transport is done by a designated company;
Trade in petrochemicals
- Suspension of the prohibition on the import, purchase or transport of Iranian petrochemical products;
- Covers the provision of all related services such as financing, financial assistance, insurance and reinsurance, including for third states;
- The suspension allows for trade with companies controlled by the Iranian ministry of petroleum, even though the ministry remains under EU sanctions;
- Provision of transport is allowed but not via companies targeted by EU sanctions;
Trade in gold and precious metals
- Suspension of the prohibition on trade in gold and precious metals with the government of Iran, its public bodies and the Central Bank of Iran, or persons and entities acting on their behalf;
- Covers related services such as transportation;
Facilitation of legitimate trade
- The EU will facilitate financial transfers for non-sanctioned trade, including for humanitarian purposes, such as food and medicines;
- The EU will increase tenfold all its EU authorization thresholds with a view to allowing more financial transfers to and from Iran to be processed without authorization requirements and therefore facilitating non-sanctioned transactions.
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