On July 14, 2015, after more than 20 months of negotiations,1 the E3/EU+32 and Iran reached an agreement on the Joint Comprehensive Plan of Action (JCPOA). It builds on the foundations established by the Joint Plan of Action, an interim agreement reached in 2013, which suspended some of the sanctions on Iran in exchange for a partial, short-term freeze of its nuclear program. The JCPOA is far more ambitious as it envisions that nuclear-related U.N., EU and U.S. sanctions on Iran will be lifted, provided Iran commits to using its nuclear program exclusively for peaceful purposes in the long term.
On July 20, 2015, the U.N. Security Council passed a resolution endorsing the JCPOA. In line with the terms of the plan, “Adoption Day” occurred 90 days later, on Oct. 18, 2015. From this date onward the parties to the deal started making preparations for the implementation of their respective commitments under the agreement. For example, the U.S. Secretary of State issued contingent waivers of certain sanctions.
