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European Council extends sanctions relief for Iran till late June

November 25, 2014, 16:52 UTC+3 BRUSSELS
The EU sanctions against Iran in particular ban financial transactions with Tehran, investments into Iran’s petrochemical industry, insurance for oil tankers and imports of gem stones and metals
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© AP Photo/Ronald Zak

BRUSSELS, November 25. /TASS/. The European Council on Foreign Relations (ECFR) has extended suspension of sanctions against Tehran until June 30, 2015, the press service said in a statement on Tuesday.

At talks in Vienna on Monday, Iran and six world powers (Russia, the US, the UK, China, France and Germany) failed to reach an agreement on Iran’s nuclear program. The sides decided to extend the interim nuclear deal agreed a year ago in Geneva.

The parties are to draft a framework document in the coming three or four months. Negotiators are expected to reconvene next month at lower political levels for technical talks.

The EU sanctions against Iran in particular ban financial transactions with Tehran, investments into Iran’s petrochemical industry, insurance for oil tankers and imports of gem stones and metals.

Last November in Geneva, the six world powers and Iran adopted a joint action plan, under which Tehran agreed not to enrich uranium above 5%, slow the development of its nuclear program and allow inspections by International Atomic Energy Agency (IAEA) experts.

The West, in its turn, agreed to ease its economic sanctions against the Islamic Republic. The deal signaled the first step which was to be followed by an all-encompassing agreement.

Infographics Iran’s first nuclear power plant in Bushehr Iran’s first nuclear power plant in Bushehr
Iran’s first nuclear power plant in Bushehr. Infographics by TASS

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