On April 2, 2015, top global diplomats announced parameters for the Joint Comprehensive Plan of Action (“JCPOA”) with Iran. This came as a long-awaited step in negotiations between Iran, the EU, and the P5+1 countries—China, France, Russia, the United Kingdom, the United States, and Germany—in an effort to scale back Iran’s nuclear program. The parameters outline central features of the forthcoming final text of the JCPOA, which must be completed by June 30, 2015. While this step represents progress and predicts a revised policy approach down the road, restrictions on U.S. parties conducting business with Iran remain virtually unchanged.

The JCPOA and Conditional Sanctions Relief -

As King & Spalding has reported, the P5+1 first reached agreement on a Joint Plan of Action (“JPOA”) in November 2013. The plan provided Iran with limited and temporary sanctions relief so that the parties could arrive at “a mutually-agreed long-term comprehensive solution” for dismantling Iran’s nuclear program. Contested issues, however, such as Iran’s plans for its nuclear centrifuges, protracted negotiations and the JPOA was extended twice. The latest extension is set to expire on June 30, 2015.