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Iran had been subject to various sanction regimes for more than a decade. A Joint Comprehensive Plan of Action (JCPOA) between China, France, Germany, Russia, the UK and the US and Iran was agreed in July 2015. Subject to the JCPOA, if a number of steps were taken by Iran to reduce their nuclear programme, many of the sanctions regimes they were under would be lifted on Implementation Day. Implementation Day came on 16 January 2016 following the International Atomic Energy Agency’s (IAEA) verification that Iran had implemented the commitments it made in the July 2015 JCPOA.
The US position remains more complicated than the EU position in respect of the lifting of sanctions.
The comments in the following articles are intended as a simple general overview. They are not exhaustive. If you are thinking of entering into a specific contract or transaction and are concerned as to whether the sanction regimes apply, you should consult your legal advisors.