On May 8, 2018, continuation of the international agreement concerning Iran’s nuclear activities, known as the joint comprehensive plan of action (JCPOA), was thrown into doubt when President Trump announced the US would cease participation.
The JCPOA was an agreement reached in 2015 between China, France, Russia, the UK, the US, Germany, the European Union (EU) and Iran, that provided for Iranian sanctions relief in exchange for verifiable curtailment of the Iranian nuclear programme. The first tranche of sanctions relief became effective on January 16, 2016. Almost all UN and EU sanctions on Iran were lifted. The extra-territorial aspects of the US sanctions (secondary sanctions), which sought to prevent non-US persons from doing business with Iran, were also relaxed. But US persons continued to be restricted in their dealings with Iran.
Following a 180-day wind-down period, the US re-imposed sanctions on Iran’s energy sector with effect from November 5, 2018.
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Petroleum Review is published by the Energy Institute (www.energyinst.org)