Remaining JCPOA signatories affirm commitment to nuclear deal

The Joint Commission of the Joint Comprehensive Plan of Action (‘JCPOA’) has released a statement on the status of the JCPOA following the US pull-out in May.

The statement follows a ministerial meeting of the Joint Commission – which is responsible for overseeing the implementation of the 2016 nuclear deal with Iran – in Vienna on 6 July. Representatives of Iran, France, Germany, Russia, China, the UK and the EU attended. The meeting discussed how best to ensure the continued implementation of the nuclear deal without US participation and in the light of the US’s re-imposed sanctions. The remaining participants re-iterated their commitment to the ‘full and effective’ implementation of the JCPOA and confirmed that the lifting of sanctions in return for Iran’s fulfilment of its nuclear reduction commitments was ‘an essential part’ of the JCPOA.

Participants committed to the following objectives:

• the maintenance and promotion of wider economic and sectoral relations with Iran;
• the preservation and maintenance of effective financial channels with Iran;
• the continuation of Iran’s export of oil and gas condensate, petroleum products and petrochemicals;
• the continuation of sea (including shipping and insurance), land, air and rail transportation relations;
• the promotion of export credit cover;
• clear and effective support for economic operators trading with Iran, particularly small and medium sized enterprises which are the backbone of many economies;
• the encouragement of further investments in Iran;
• the protection of economic operators for their investment and other commercial and financial activities in or in relation to Iran;
• the bringing together of private and public sector experts, including through the promotion of business councils;
• the practical support for trade with and investment in Iran;
• the protection of companies from the extraterritorial effects of US sanctions.

The EU has responded to the threat posed to EU businesses by the re-imposition of US sanctions on Iran by starting the formal process for adding these sanctions to its Blocking Regulation (formerly Regulation 2271/96). It is also updating the European Investment Bank’s external lending mandate to cover Iran.

For the Joint Commission of the JCPOA’s statement see:
https://eeas.europa.eu/headquarters/headquarters-homepage/48076/statement-joint-commission-joint-comprehensive-plan-action_en