EU extends sanctions relief on Iran

BRUSSELS - The European Council on Tuesday said it has extended until June 30, 2015 the suspension of EU sanctions specified in last year's Joint Plan of Action agreed by P5+1 and Iran.

According to an European Council press release, this move followed the decision by the the P5+1 group, which consists of the United States, Britain, France, China, Russia and Germany, and Iran to prolong the validity of the measures of the Joint Plan of Action until that date.

The press release said while the remainder of the EU sanctions against Iran remain in place, the suspension allows: the provision of insurance and transport in relation to Iranian crude oil sales to current customers, the import, purchase or transport of Iranian petrochemical products, as well as trade in gold and precious metals with the Iranian government and its public bodies. The increase in thresholds for authorizing financial transfers to and from Iran also remains in force.

The implementation of the Joint Plan of Action includes for the EU the suspension of a "limited number" of restrictive measures for a period of six months beginning in January of 2014, according to EU documents.

EU documents said the EU's sanctions target those persons and entities supporting the program and revenues of the Iranian government used to fund the program. The EU sanctions are not aimed at the Iranian people.

Iran and six world powers on Monday agreed to extend deadline of nuclear talks to July 1 next year in an attempt to secure the prospects of a deal.

Based on the agreement, the interim Geneva deal, or the so-called Joint Plan of Action, sealed on Nov 24, 2013, will also be extended by June 30, 2015, and the talks will resume in December.