EU sanctions and restrictions are in place for trading with Iran.
Iran is currently subject to an extensive sanctions regime as a result of international concerns regarding its nuclear programme.
The UK Foreign Secretary Philip Hammond made an oral statement to Parliament on 15 July on the outcome of the negotiations with Iran. On economic re-engagement with Iran, the Foreign Secretary said:
Initially, the nuclear deal will not affect the targeted sanctions relief agreed under the 2013 interim deal Joint Plan of Action (JPoA).
Humanitarian goods such as medicine continue to be explicitly exempt from sanctions. Sanctions relief agreed as part of the JCPoA agreed on 14 July 2015 will be phased will be phased, and the first phase will only happen once Iran has taken all the agreed actions on its nuclear programme, and the International Atomic Energy Agency (IAEA) has verified that it has done so.
This could take several months. But the timetable will be driven by Iran. Once IAEA-verification of Iran’s actions has been completed this will trigger comprehensive economic and financial sanctions relief. Sanctions related to nuclear proliferation will stay in place until the international community has confidence in the peaceful nature of Iran’s nuclear programme (this could take several years or more).
Even as phased sanctions relief begins, Iran will remain a challenging place to do business. Some companies will have concerns about re-engaging in Iran until confidence is rebuilt.